SnagFilms, a Washington, DC-based website that allows users to watch full-length documentary films for free, has received $10m in growth capital. Investors include new backers New Enterprise Associates, Comcast Interactive Capital and existing partners including Steve Case and founder Ted Leonsis.
The company intends to use the funds to expand its distribution of independent films – including fictional independent releases – across all digital platforms and devices, and on a global basis. In addition, the capital will be used to extend the reach of indieWIRE, a web source of news, reviews and analysis of independent film.
In conjunction with the funding, NEA Managing General Partner Peter Barris, joins the company’s board of directors.
Led by CEO Rick Allen, SnagFilms distributes free, ad-supported titles from a library of over 2000 non-fiction films. Last year, the company launched 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 unveiled its iPad application.
The company also added industry veteran Bingham Ray to help guide its entry into distribution of fictional narrative and foreign-produced independent films.
FinSMEs
17/01/2011