Cord-Cutting Company Nuvyyo Nets $1 Million From BDC Capital
OTTAWA, February 7, 2019—BDC Capital’s Growth and Transition Capital division recently provided $1 million in mezzanine financing to Nuvyyo of Ottawa, Ontario. Nuvyyo is the maker of the Tablo brand of digital video recorders (DVR) which enable “cord cutters” to legally record and stream over-the-air (OTA) television programming without a cable subscription. The company was founded in 2010 by Grant Hall, a 25-year veteran of the telecommunications sector. It received Series A backing from Celtic House Venture Partners in 2013. Its latest offering, the Tablo QUAD, was named by Variety Magazine as one of the “five innovations that stole the show” at the Consumer Electronics Show (CES) held earlier this year in Las Vegas.
BDC Capital’s loan is serving as working capital to support several of Nuvyyo’s growth initiatives. “Thanks to this injection of funds from BDC Capital, we are able to rapidly expand production of Tablo DUAL LITE OTA DVRs to fulfill recent orders from a top-tier consumer electronics retailer to supply 1000-plus stores in the U.S., as well as to continue R&D for the company’s next generation products,” says Grant Hall, CEO of Nuvyyo.
The transaction on BDC Capital’s side was led by Robert Shaw, Director, Growth and Transition Capital, Ottawa. “Nuvyyo’s deep and well-rounded management team has kept the company ahead of the curve in the fast-growing international cord cutting market,” says Shaw. “Their success in raising substantial VC funds early on provides convincing validation of the company’s capabilities and technology, and of the importance of the opportunity at hand.”
Nuvyyo, based in Ottawa, Canada, was founded in 2010 with the vision of revolutionizing the home media experience for consumers in the U.S. and Canada. Building on its first media streaming system, in 2014, the company launched Tablo, the Whole-Home OTA DVR for cord cutters that combines the functionality of a DVR with the convenience and mobility of software apps for smartphones, tablets, computers, streaming set-top-boxes, and internet-connected gaming platforms, making it easy to discover, watch and record free over-the-air (OTA) TV anywhere, anytime, on any device. For more information, visit www.tablotv.com.
About BDC Capital
BDC Capital is the investment arm of BDC, the bank for Canadian entrepreneurs. With over $3 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage. Visit bdc.ca/capital.