Plex Closes $50 Million Financing Round, Aims to Scale Free-Streaming Business

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Streaming media service Plex, looking to grow its free, ad-supported video business, announced that it raised more than $50 million in Series C financing from existing investor Intercap. The financ…

, looking to grow its free, ad-supported video business, announced that it raised more than $50 million in Series C financing from existing investor Intercap.

Founded in 2009, Plex offers access to some 20,000 free on-demand movies and TV episodes, more than 150 free-to-stream live TV channels, over-the-air broadcast channels TV and personal media libraries, along with other features including DVR capabilities, streaming music via a partnership with Tidal, and podcasts.

After launching AVOD in 2019 and free live TV in 2020, the company has secured more than 240 entertainment content deals from studios and networks, including Lionsgate, Warner Bros., MGM, Sony Pictures Television, Sinclair Broadcast Group, AMC Networks, A+E Networks, Crackle and BBC.

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