NEA, Comcast investors in $10M round for SnagFilms
SnagFilms raked in $10 million during a recent round of funding that included funds from Comcast Interactive Capital and New Enterprise Association (NEA).
Existing investors, including SnagFilms founder Ted Leonsis and former AOL chairman Steve Case, also contributed to the recent round of funding. Case and Leonsis, the latter of which was also a senior executive at AOL, also invested in Revolutionary Money before it was sold to American Express for $300 million last year.
SnagFilms said the new round of funds would be used to expand its distribution of independent films – including, for the first time, fictional independent releases – across all digital platforms and devices, and on a global basis.
SnagFilms is a distributor of free, ad-supported titles from a library of over 2,000 non-fiction films. Last year, SnagFilms entered the transactional world with launches of video on demand channels on Comcast and Verizon FiOS, as well as titles for sale through the Apple's iTunes store.
Earlier this month, SnagFilms debuted its iPad application.
"As a profitable company with substantial private investors, SnagFilms didn't need to raise outside capital," Leonsis said. "However, we saw overwhelming strategic value in involving NEA, a pioneer and leading venture capital firm, and CIC, the investment arm of Comcast. SnagFilms is very well-financed and uniquely positioned now to bring the full array of independent films – fiction and non-fiction, U.S. and foreign – to global audiences on all platforms and devices."
SnagFilms also announced this morning that industry veteran Bingham Ray would join the company to help guide its entry into distribution of fictional narrative and foreign-produced independent films. Ray is a past president of United Artists, October Films and Kimmel Entertainment.