Cash infusion to fund expanded distribution
Three-year-old SnagFilms, which specializes in documentary distribution, has received an investment of $10 million to expand into distribution of narrative features.SnagFilms also announced that Bingham Ray will join the company to help guide its expansion into distribution of fictional narrative and foreign-produced indie films. The funding, announced Monday, came from venture capital fund New Enterprise Associates and Comcast Interactive Capital along with participation from existing investors, including SnagFilms’ founder Ted Leonsis and Steve Case. Ray’s the former president of United Artists, October Films and Kimmel Entertainment and has been involved in distribution of “Hotel Rwanda,” “Bowling for Columbine,” “Secrets and Lies,” “War Room,” “High Art,” “Last Days” and “Breaking the Waves.” “Bingham has been an advocate for filmmakers throughout his career,” said CEO Rick Allen in a statement. “His record of successful distribution on traditional platforms provides a strategic sense and depth of relationships that will be invaluable as we extend our model into a broader array of films. Bingham will be a key member of our large presence at the Sundance Film Festival this week and beyond.” The company said the financing will be used to expand its distribution across all digital platforms and devices, and on a global basis. SnagFilms, the parent company of Indiewire, currently distributes free, ad-supported titles from a library of over 2000 non-fiction films. It launched VOD channels last year on Comcast and Verizon FiOS, distributes through iTunes and debuted an iPad app earlier this month.