January 20, 2011
SnagFilms, a Washington, D.C. based startup, announced earlier this week it has received $10 million in growth capital from new investors New Enterprise Associates (NEA) and Comcast Interactive Capital (CIC). The round of funding also included existing investors, including Ted Leonsis (SnagFilms’ Founder) and Steve Case. The additional financing will be used to expand its distribution of independent films including fictional independent releases.
According to the recent release NEA Managing General Partner Peter Barris, who joins the Company’s Board of Directors said:
“SnagFilms is perfectly positioned to fuse technology and content in a manner that has marked many of the transformational industry leaders we have helped build in the past”
I covered SnagFilms when they first launched and was critical of the widget strategy they were using to distribute the videos. But I did enjoy their “Summerfest” film fest online and promoted “The Entrepreneur” an indie film about a hustling entrepreneur. Back then, they did not have nearly the catalog of films on hand as they do now, with over 2,000 titles. With the increased adoption of devices like tablets and Smart TV’s, we expect to see more people giving SnagFilms a try in the months to come and are excited about what’s to come. The infusion of capital should help to raise the profile of this cool brand.
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