Set-top maker Roku is still raising venture capital cash but it is already talking about an IPO. CEO Anthony Wood tells Bloomberg that the company may go public as soon as 2011. In the meantime, it is in the process of raising a $30 million round from investors, including existing backer Menlo Ventures, which has also bought out Netflix’s stake in the company.
Roku — which is best known for providing easy access to Netflix (NSDQ: NFLX) streaming — has made a big effort to up the amount of content it makes available since its launch nearly two years ago: It has announced content deals with Amazon’s video on demand service, Blip.tv and MLB.tv. This fall, it released a software development kit so that any third-party content provider could add a channel. And it has also introduced lower-priced set top boxes.
The approach appears to be working. Wood tells Bloomberg that the company has now sold 500,000 set-top boxes. Roku expects revenue to double to $75 million this year — and to have sold one million set-top boxes by the end of 2010.
The startup has raised $24 million already, most recently in August, when it received $8.4 million from Menlo in a fourth round. Netflix had invested $6 million. Unclear how much it sold its stake for.