SAN FRANCISCO – Video streaming player pioneer Roku is going public, hoping to raise money to expand into more households and fend off competitive threats from bigger technology companies.
Roku listed a $100 million fundraising target in a Friday regulatory filing, but that figure is likely to change after gauging the demand for its initial public offering of stock.
The documents provided the first peek at Roku finances and other previously confidential information.
Like many young tech companies, Roku is still unprofitable. Last year, it lost nearly $43 million on $399 million in revenue. Since its 2002 inception, Roku has amassed $244 million in losses.
Market research firm Park Associates says Roku is the U.S. market leader of streaming players, with a 37 percent share, putting it ahead of Amazon, Google and Apple.