Movies

SnagFilms secures $7 mn financing deal

MUMBAI: Washington DC-based digital film distributor SnagFilms has closed a $7 million equity and debt financing deal as part of its ambitious plans to accelerate the company‘s growth.
 
In addition to new equity, the company has arranged its first debt facility with Silicon Valley Bank. The deal will see veteran media and Internet executive Terry Semel and David Fialkow, co-founder and managing director of General Catalyst Partners joining the company as new investors.
 
Semel, who is also the former chairman of Former Yahoo Inc. and Warner Bros, will also join the company‘s board.
 
The new funding will be used by SnagFilms to extend a library of high-quality independent films that now numbers over 3000 titles and includes fictional films in addition to documentaries; to continue its technology development to provide films across all digital platforms and devices; and to market its films in all channels.
 
SnagFilms had expanded its library last besides increasing its presence on over 100 devices, including 95 per cent of all tablets, all Android smartphones, OTT devices and connected TVs, and throughout the web world on its website and extensive digital network of affiliated sites and blogs.
 
The company also significantly expanded its transactional platform distribution with Comcast and FiOS video on demand 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," stated Ted Leonsis, SnagFilms‘ founder and chairman. "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."
 
"I have spent a long time at the intersection of films and new media," said Terry Semel, former Co-CEO and Co-Chair of Warner Bros and CEO and Chairman of Yahoo. "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."

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