• April 28, 2008

Mobile entertainment provider MobiTV announced it has received $5 million in equipment financing from private investment firm Leader Ventures.

The company, which began streaming video in 2003, says its $9.99 monthly service now has more than 3 million subscribers. As its audience expands, "new equipment is essential to our goals of improving the performance of mobile television's content delivery infrastructure and delivering a richer, more rewarding media experience to viewers," said MobiTV Chairman and CEO Charlie Nooney, in a statement.

MobiTV has previously raised $125 million from venture capital firms Gefinor Ventures, Menlo Ventures and Redpoint Ventures as well as strategic investors Adobe Systems and Hearst Corp.

--Mark Walsh