Vessel, the online video streaming startup has reportedly raised a funding of $57.5 million.The Series B round of funding was led by venture capital firm Institutional Venture Partners, which had previously invested in Netflix and Twitter.
The startup aims to stream TV shows on its portal before they are available on any other platform, on subscription bases. Vessel was launched just three weeks ago and is already cited as a future competitor to Youtube, which is the industry favourite for online broadcasting of shows.
The funding will be used to attract content deals and for marketing the platform to potential users, according to The Guardian.
Vessel was founded by Former Hulu CEO Jason Kilar, who is also the CEO of the company. The startup had raised $77 million in its seed stage from Greylock, Benchmark and Jeff Bezos.