Comcast among latest round of investors for SnagFilms
Following up on a $10 million round of investment last year, SnagFilms has raised another $7 million in funds from its investors, which included Comcast Interactive Capital.
Comcast, SnagFilms founder and chairman Ted Leonsis, the John S. and James L. Knight Foundation, New Enterprise Associates (NEA) and former AOL chairman Steve Case's Case Foundation followed up on last year's investment round by taking part in the current one. Two new investors were also included in the latest round: veteran media and Internet executive Terry Semel (who also joined the company's board) and David Fialkow, co-founder and managing director of General Catalyst Partners.
In addition to new equity, the company has arranged its first debt facility with Silicon Valley Bank. Total available equity and debt financing is $7 million.
The new funding will be used by SnagFilms to extend its library of independent films, which now numbers more than 3,000 titles and includes fiction films in addition to documentaries; continue its technology development to provide films across all digital platforms and devices; and market its films in all channels.
SnagFilms is now available on over 100 devices, including 95 percent of all tablets (among them, iPad and Kindle Fire), all Android smartphones, OTT devices and connected TVs, and throughout the Web world on its website and digital network of affiliated sites and blogs.
The company also has VOD deals in place with Comcast, and with digital pay-on-demand platforms iTunes, Hulu, Amazon, YouTube Movies, and will soon launch on DirecTV and digital streaming providers Vudu, Samsung Media Hub and Xbox Live.
"After a phenomenal year of growth in 2011, SnagFilms is poised for even greater success in 2012," Leonsis said. "This new investment by all our current investors, along with new funding from two tech and media-savvy newcomers, are true testaments to our strong belief in SnagFilms' tremendous potential for long term success. Digital delivery isn't just the wave of the future —it is the driving force now for filmmakers to reach large audiences and spread their passion, and to create new revenue streams that make their next film possible."