Funding led by Tom Crist, Canadian man who won $40 million in lottery
A Parent Media Co., which runs the Kidoodle.TV kids’ subscription video-on-demand service in the U.S. and Canada, announced that it has raised $10 million (Canadian) from angel investors as it looks to boost content and grow its customer base.
The Kidoodle.TV Internet SVOD video service is aimed at children 12 and under and runs no advertising — competing with Netflix and others for which kidvids are a key category. Priced at $4.99 per month, Kidoodle.TV features shows including “Caillou,” “My Little Pony,” “Super Why,” “Rastamouse,” “Strawberry Shortcake” and “Inspector Gadget.”
APMC’s angel round was led by Tom Crist, a Calgary man who last year won $40 million in a Canadian lottery and pledged to donate his winnings to charity. “We appreciate that the Kidoodle.TV team shares many of the same values that we do, with a corporate ethic that shows commitment to the community as well as to shareholders,” he said in a statement. Crist made a multimillion-dollar investment in APMC, with proceeds to benefit the Crist Family Foundation.
The company is not identifying any of its other investors; founder and president Mike Lowe and executive chairman Doug Nyhoff, formerly of The Carlyle Group and Bain & Co., also hold equity stakes in APMC.
APMC plans to raise a series A financing round in early 2015, which the company expects to be led by strategic investors. “We are excited to be on the leading edge of a new investment pattern focused on philanthropic endeavor,” APMC founder and president Mike Lowe said in a statement. The company has “established a strong business model that also considers the human return, otherwise known as social entrepreneurship. In so doing, the company has attracted a new, more sustainable form of investment and solidified its relationship with consumers.”
APMC is based in Calgary and has 20 employees. The company declined to disclose the current number of subscribers for Kidoodle.TV, which launched in January 2014.