ALLCITY Network has reached a fundraising goal as the media company looks to expand into new markets in the next year.
The startup, which operates hubs in Denver, Phoenix, and Philadelphia, has now secured $9.4 million in capital investments thanks to the involvement of Mosaic General Partnership. The venture capital fund is managed by four-time NBA champion Andre Iguodala.
ALLCITY Network still has $600,000 in Series A round of fundraising available before closing the offering. This is the first investment announced under the Mosaic General Partnership banner.
With the fundraising goal met, ALLCITY plans to expand the company’s series of local networks from three to six, launch free ad-supported streaming television (FAST) channels for those networks, and hire local and national revenue leaders. The goal is to have the FAST channels and a new local network launch in Q1 2024.
