Slowly and steadily, Plex is working to place itself at the center of the streaming wars.
The 13-year-old company may still be best-known for its media server software, beloved by people who want to maintain their own entertainment collections on their own hard drives. Lately, however, it’s been chasing a broader mission to bring all the world’s media into one app. Instead of making you bounce between a dozen or more different apps to find what you want, Plex thinks it can make sense of the mess through a combination of subscriptions, rentals, free videos, and deep links into other apps—all delivered through a single menu.
To that end, the company is raising more money in a funding round led by Toronto-based Intercap. The $50 million round includes $15 million in new capital, with the rest being used for employees and early shareholders who want to sell back some of their equity. CEO Keith Valory says the money will help Plex grow its team, increase its marketing efforts, and pursue new content, and it expects to make some major new product announcements later this year.