SnagFilms has closed a new $6 million financing round, the multi-platform company announced today. “With this round of investment, we are able to expand our commitment to helping filmmakers in every form of distribution and increase the services we offer, to delight even broader audiences,” said CEO Rick Allen from the Sundance Film Festival. The announcement come a little less than a year after SnagFilms solidified a previous seven figure founding round. SnagFilms says that the proceeds from this latest funding will be used to improve its platform and product functionality and expansion. As well, the company plans to increase its investment in content and grow its current film library from 4,000 titles up to 5,000 this year. The SXSW Grand Jury Prize wining documentary Beware of Mr. Baker opens nationwide on January 25. SnagFilms announced its acquisition of the domestic distribution rights to the film about Cream drummer Ginger Baker last August. In addition to all of SnagFilm’s current investors participating in this new round, CNF Investments, LLC, an affiliate of Clark Enterprises, Inc., joined as a new shareholder in the company. Clark Enterprises Executive Vice President Robert J. Flanagan has taken an observer seat on SnagFilm’s Board.
Washington, DC – January 30, 2012 – SnagFilms announced today that it has closed a new, seven-figure financing round to accelerate the growth the company achieved in 2011. All current investors participated, including SnagFilms 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 two new investors: veteran media and internet executive Terry Semel (who also joins the Company’s Board) and David Fialkow, co-founder and managing director of General Catalyst Partners. In addition to new equity, the company has arranged its first debt facility with Silicon Valley Bank. Total available equity and debt financing is $7MM.
SnagFilms, the sponsor supported web distributor with over 3000 indie films in its library, has named former Warner Bros co-CEO and Yahoo CEO Terry Semel to its Board of Directors.