Seven-figure deal aimed at accelerating growth
SnagFilms has closed a new seven-figure financing round aimed at accelerating its growth.
The company announced Monday that all current investors participated, including SnagFilms founder and chairman Ted Leonsis, Steve and Jean Case’s Case Foundation Ventures, the John S. and James L. Knight Foundation, New Enterprise Associates (NEA) and Comcast Interactive Capital (CIC).
It’s also attracted investment from Terry Semel (who also joins the board) and David Fialkow, co-founder and managing director of General Catalyst Partners.
SnagFilms said it’s arranged its first debt facility with Silicon Valley Bank and has $7 million in available equity and debt financing.
“The new funding will be used by SnagFilms to extend a library of high-quality independent films that now numbers more than 3,000 titles and includes fictional 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,” the company said.
SnagFilms said it is now available on more than 100 devices, including 95% of all tablets, and has distribution with Comcast and FiOS video-on-demand and with digital pay-on-demand platforms iTunes, Hulu, Amazon and YouTube Movies. It will soon launch on DirecTV and digital streaming providers Vudu, Samsung Media Hub and XBox Live.
Former Warner Bros. and Yahoo topper Semel said, “Movie studios don’t have a monopoly on great stories, yet small distribution companies struggle to assemble the footprint necessary to reach a scale audience. SnagFilms has that base — the necessary contracts and relationships to distribute thousands of great stories, with the capital required to lead its field.”