SB.TV is hoping to expand into new lifestyle sectors after securing its first institutional investment.
The business, which was set up by schoolboy Jamal Edwards and was made famous after being used in an advert by Google, is comprised of broadcasting, production and editorial services and has secured 150 million views on YouTube.
As well as leading the current round, media and technology investors Miroma Ventures are committed to further funding in SB.TV’s next round.
Edwards, founder of SB.TV, says, ‘We are teaming up with Miroma Ventures to use their knowledge of how to grow and diversify a successful business.
‘I am excited about working with Marc [Boyan]. As a successful entrepreneur himself with masses of experience with media and tech businesses, he gets my vision – which makes this an important move for SB.TV.’
As part of the deal, Miroma Ventures CEO Marc Boyan will be joining SB.TV as a board director responsible for improving the commercial capabilities of the business.
The investment, although undisclosed, values the seven year-old business at £8 million, according to a statement.
Going forward, SB.TV will look to create a more diversified media lifestyle platform which includes e-commerce capabilities in digital broadcasting, mobile applications, merchandise and live events.
Boyan says that when Richard Branson and Chad Hurley are admirers of a business, he takes notice.
‘The Miroma Ventures team are aware of the rapidly changing face of business and we believe digital natives are now the experts in the space,’ Boyan adds.
‘We want to keep SB.TV young, fresh and raw but aim to bring a new dynamic of maturity. I am to strengthen the commercial arm of SB.TV, immediately running sales and marketing aspects of the business as we look to add operational and business development talent, expanding the reach and influence of SB.TV to a global audience.’
SB.TV will be joining a portfolio which includes social media photo application Pinterest, as well as Who What Wear, Outdoor Plus and Blis Media.
