'We start pouring more fuel into that and grow our business,' Valory said. Encouraged by the results, the company decided to seek out new funding. 'It's grown very quickly,' he said.Īs part of building out those services, Plex also began investing more into attracting new users to its platform. The company saw usage for ad-supported video increase by 5x over the past 12 months, according to Plex CEO Keith Valory, who told Protocol this week that 'millions of users' now stream ad-supported videos from Plex. Plex launched its own ad-supported video service in late 2019, and added free, ad-supported streaming channels last summer. The investment comes at a time of industrywide growth for ad-supported video.

The remaining $35 million will go toward purchasing shares from employees and early seed investors. Amid growing demand for its ad-supported video services, streaming startup Plex has raised new funding from an existing investor: Toronto-based Intercap is investing a total of $50 million, with around $15 million going straight to the company as a new equity investment.

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