Funding and Acquisitions Roundup: Magine takes up the ‘ditch cable’ mantle with $19M in funding for its Cloud-based TV service

By Editor July 3, 2013

By Brian Kovalesky, StartUp Beat Editor

Today’s early-stage startup funding and acquisitions news:

Cloud-based television service Magine has raised a massive $19 million in Series A funding. Investors are a group of undisclosed Swedish and international investors, according to the company, which is based in Stockholm. Its value proposition is cheaper paid TV service which it currently offers in European markets for around $14 a month. The programming is streamed directly to TV and mobile devices. Magine was founded in 2012 by Erik Wikstrom, Mattias Hjelmstedt and Michael Werner. The team previously raised €6.5 million (about $8.5 million) in Seed funding.

Vital Stats:


HQ: Stockholm

Founders: Erik Wikstrom (CEO), Mattias Hjelmstedt (Head of Product and Innovations), Michael Werner (Chairman)

Year Founded: 2012

Investors: Undisclosed

Innovation: Cloud-based subscription TV service.

Total Funding: Approx. $27.5 million (Seed and Series A)

(Sources: Magine, CrunchBase, GigaOm)

More funding and acquisitions news…

Yahoo buys iOS video app Qwiki (and surprisingly won’t kill it) (via VentureBeat)

Basno Raises $1M For Its Digital Badges Platform That Aims To Monetise Boasting (via TechCrunch)

SanDisk scoops up Smart Storage Systems for $307M to infiltrate data centers (via VentureBeat)

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