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Wednesday, May 2, 2012

Mark Cuban flings funding at Flingo

6:34 AM    No comments


Smart TV software company Flingo announced today it has received a $1 million dose of Series A funding from billionaire entrepreneur Mark Cuban and venture capitalist Gary Lauder. This money will go toward helping the company expand its presence with smart TV and device manufacturers around the world.

That financial injection brings Flingo's Series A funding total to $8 million, and comes just weeks after August Capital led a $7 million round of financing.

The idea behind Flingo is smart TV technology that mixes social networking with broadcast content on both TVs and second screens, such as tablets, laptops, and smartphones. Flingo is the largest publisher of smart TV apps and is available in 118 countries.

"I'm excited to be part of the Flingo experience," Cuban said in a statement. "I truly believe the future of TV is TV and Flingo will be one of the companies out front."

Cuban is founder of Broadcast.com, chairman of HDNet, and owner of the Dallas Mavericks, Landmark Theatres, and Magnolia Pictures, and has been known to back multiplatform startups. Lauder is the managing director of Lauder Partners, which funds various tech companies.

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Since it launched in 2008, Flingo has partnered with media companies like Fox, A+E Networks, Showtime, Warner Bros., CBS, Blip, Vimeo, and Linkin Park, along with hardware platforms like Samsung, LG, Vizio, Sanyo, Insignia, Western Digital, Netgear, and more.

"We are thrilled by these strategic partnerships with some of the brightest minds in video technology and programming," Flingo's CEO and co-founder Ashwin Navin said in a statement. "Working with Mark Cuban and Gary Lauder, who have an overwhelmingly successful investment record in the technology and digital media industries, and their colleagues in the industry helps shape our product roadmap and engagement model with media companies and operators."

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