SnagFilms Closes $7M Equity and Debt Financing
SnagFilms, a Washington DC-based digital distributor of independent films, has closed a $7m equity and debt financing.
Backers include current investors the company’s founder and chairman Ted Leonsis, Steve and Jean Case’s Case Foundation Ventures LLC, the John S. and James L. Knight Foundation, New Enterprise Associates (NEA) and Comcast Interactive Capital (CIC), along with new investors veteran media and internet executive Terry Semel (who has also joined the company’s Board) and David Fialkow, co-founder and managing director of General Catalyst Partners.
The debt facility was provided by Silicon Valley Bank.
The company intends to use the funding to extend its library of independent films (that now numbers more than 3000 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.
Led by CEO Rick Allen, SnagFilms features free, sponsor-supported, on demand viewing of more than 3,000 fiction and non-fiction titles. The company’s collection is viewed on its own site and a digital network of more than 110,000 affiliated sites and webpages worldwide, including partners such as Comcast’s XfinityTV.com, Hulu, the Starbucks Digital Network, IMDb, AOL/Huffington Post, hundreds of non-profits, special interest sites and blogs — and on over 100 devices via its applications for tablets, including Apple’s iPad (AirPlay-enabled), Amazon’s Kindle Fire, Blackberry Playbook and other Android-based tablets; Android smartphones; OTT platforms Roku, Boxee; and Western Digital, connected TV and blu-ray players from Sony and Panasonic, and soon to launch on connected devices from Samsung and Vizio.
SnagFilms also offers selected titles via pay video on demand with Comcast and FiOS, as well as on iTunes, Hulu Plus, Amazon, YouTube Movies, and will soon be launching on DIRECTV and digital streaming providers VUDU, Samsung Media Hub and XBOX Live.
The company’s family also includes indieWIRE, a web source of news, reviews and information about independent film.