The multimedia platform Plex announced today that it has completed a funding round to get $50M to invest in the platform’s growth. In fact, the firm itself has spoken of its ambitions and they are not small: “The infusion of capital means that we’ll be able to push harder on our mission to become the single best content enjoyment platform in the world, period.”
Plex raises $50M growth round to become the best
Plex‘s overall goal is to “give people a single pane of glass for their entire universe of media” and with the latest $50M funding round, the company will use approximately $15M to advance this particular mission. The remainder, $35M, will be used to “purchase shares and options from employees and shareholders.”
This is the company’s first round of funding since 2014, which is why it wants to put some of the money toward taking shares held by Plex’s initial investors. The funding has come from “the same investors as before”, as officials explain.
Evolution of Plex in recent years
In the last year, Plex has brought a lot of new features. Most notably, last month we saw the platform adding its free streaming video content to the Apple TV app.
In addition, earlier this year the platform launched its gaming service, Plex Arcade. In partnership with Atari, they have integrated “dozens of games” from the popular video game brand’s catalogs. Unlike Google Stadia, Amazon Luna, or Microsoft XCloud we find here the classic arcade games that hardly require any graphics power.
In July last year, it announced its decision to expand the offer of its platform by adding more than 80 live TV channels, available to both subscribers and users with free accounts.
It should be remembered that beyond its free content, the platform’s strong point is the possibility it offers to create a personal media server to store all content, access its media through any device, or watch and record live TV.