Hoopla is looking for new investors
HOPLA has announced it is raising $30 million in new funding from digital media companies such as Daring Fireball, Techstars and FuseMedia, and raising the minimum valuation of its digital footprint, which has been estimated at $2 billion, to $3 billion.
In a note to investors on Thursday, the company said it had raised $20 million in private funding and plans to raise $50 million more in a private round of venture capital.
“With our team of talented, entrepreneurial founders, we are ready to take on the challenge of disrupting traditional media,” CEO Robby Krieger said in a statement.
The funding, which comes as Hooplo has struggled to get its digital video platform off the ground, will allow the company to expand its video platform to include video and audio, the first time that a streaming video service has done so.
Hooplos video content will include short films, short segments, music videos, short films and original video content, the statement said.
Hooper said in the statement that he and the team of Daring Fins, TechStars and Fusil are committed to making HoopLo a successful company.
The new funding comes after a series of moves by Hooplazas board to expand the video content offerings.
Hoopers first announced the launch of HoopLazas digital content service in May, which included a free video app, which allowed users to stream videos to their smart phones or tablets, and a video player.
The company said in January that it would expand its streaming video offering to include videos for music videos and short films.
That was followed by the launch in February of Hoopa, which allows users to play music videos on Hooplah’s video player, but did not include the ability to play videos from other platforms, such as Spotify or YouTube.
The first Hooplon app launched on the Apple App Store in September.
The Hooplad video player is now available on the Google Play store.
In addition to the video app and the Hooplat app, Hoop Lazy has launched a Hoop Ladder app and a Hoopa TV app.
In the statement, Hooper also said that the company plans to add more content to its YouTube and Hoopland channels.
Hoopa also said it is working on launching a new app that will let users create their own content.
The announcement comes as the Hoopa business continues to grow, with Hoopa currently growing from 200,000 to 1 million members.
Hoops YouTube channel has more than 6.7 million subscribers.
“The Hooploo team is thrilled to join the Hooper family,” Kriegers said in his statement.
“Together, we will make HoopLA the most comprehensive streaming media service available to the consumer.
HoopyLazarus is a growing company that has a great vision and is committed to serving the needs of consumers in the digital space.”
Hooplaris new investors include Founders Fund, Guggenheim, New Ventures, Sequoia Capital, Verve, and First Round Capital.
Hoope, the world’s leading video streaming service, launched in April 2016.
The service has been praised by consumer advocates and the Recording Industry Association of America, which is reviewing Hooplamas streaming video offerings.