The company, which is expanding to markets in the Middle East and North Africa, enables social discovery of Hollywood movies and other video content from mobile devices or PCs. Proceeds from the round will be used to open an office in Dubai, expand product offerings and hire additional staff. Telly posted a $26.5 million valuation in 2011 after receiving a $7 million investment and has now raised nearly $19 million in total funding.
VC investment in the broadcasting, radio & television industry has been on quite a rise in the last several years. Since the beginning of 2010, the number of deals completed each year for U.S.-headquartered companies involved in the space has been increasing, more than doubling from 20 in 2010 to 48 in 2012, according to the PitchBook Platform. Additionally, capital invested in such companies in 2012 ($318 million) easily surpassed the total amount invested in the previous two years combined ($233 million). In total, VC investors have invested over $800 million into the space since 2010.