Late last year, Union Square Ventures and my firm, Spark Capital led a Series A investment in Boxee.
In a short period of time, Avner and the Boxee team have made substantial progress with the product and partnerships. We are getting great feedback from the active Boxee community which is growing quite nicely.
Boxee has done this with a very lean team. Avner has kept the burn rate low and they have well over half of the last round untouched.
But the opportunity in front of Boxee is immense and their progress attracted attention from a number of venture firms.
Last week we closed a Series B investment led by my friend Neil Sequeira at General Catalyst.
Avner has a blog post announcing the latest round and the four things that Boxee is working on – product, content, developers and devices.
I’m thrilled to have Neil join the board and to have GC as an investor in the company.