Fanhattan launched a $18 million offering and placed 47%


fanhattanAccording to a document filed by Fanhattan with the SEC, the company launched a $18 million non-brokered equity offering. So far Fanhattan sold 47% or $8.39 million worth of new unregistered securities to nine backers. The subscription started one month ago. The offering will remain open until March 2015 while an additional $9.6 million worth of securities is sold to investors. It appears to be the first time the company is filling a security offering under a registration exemption…and it is hard to believe. So, with some research, one would realize that Fanhattan’s ancestor was a company called Vuze (Formerly Azureus) which raised an estimated $32.8 million since November 2006. The company is backed by NEA, Redpoint Ventures, GreyCroft Partners, and e.ventures (Formerly BV Capital).

The company is the developer of Fan TV, a video aggregation and programming guide application that lets users know what’s available to watch across popular streaming video platforms such as HuluPlus, Amazon, Netflix etc…The app also allows users to watch movie trailers and buy tickets. The app is available for iOS and on the web. However, the financing comes on the heels of a deal made with Time Warner to sell a new set-top box device with a touch remote that will bring the Fan TV service to life on Time Warner subscribers’ screens. It combines live TV, video-on-demand and streaming services in a unified discovery experience. The device will retail for $149 and can be pre-ordered for $99.

The company, headquartered in San Mateo CA, is led by Gilles Bianrosa (CEO). Fanhattan elected to keep its revenues undisclosed.

The executive team includes Laura Tunberg, Milan Parikh and Olivier Chalouhi.
The board of directors includes Christopher Moore, Jarl Mohn, Mathias Schilling and Patrick Chung.

The company raised an estimated $41 million since inception.
Former names include: Azureus, Vuze, TMDB and Fanhattan Holding.

Offering recap
Status: First close
Company: Fanhattan
Industry: Other
Amount offered: $18 million
Amount placed: $8.39 million
First sale: 03-24-2014
Data as of: 05-13-2014

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