Digital

SnagFilms bags $10 million in new funding

Online doc distribution portal SnagFilms has announced an infusion of US$10 million in new funding, which will enable the service to distribute more titles, including fictional features, on all digital platforms, globally.
January 17, 2011

Online doc distribution portal SnagFilms has announced an infusion of US$10 million in new funding, which will enable the service to distribute more titles, including fictional features, on all digital platforms, globally.

New investors coming on board include New Enterprise Associates (NEA) and Comcast Interactive Capital (CIC). Existing investors, including SnagFilms founder and AOL vice chairman emeritus Ted Leonsis and AOL colleague and co-founder Steve Case, also kicked in more funds. In an interview with the Wall Street Journal, Leonsis said an immediate aim was to build the library from 2,000 titles to 10,000.

“SnagFilms is very well-financed and uniquely positioned now to bring the full array of independent films – fiction and non-fiction, U.S. and foreign – to global audiences on all platforms and devices,” said Leonsis in a statement issued by the company. “We’ve amassed a library of 2,000 documentaries since our launch, and we’re now building distribution opportunities for tens of thousands of independent films in both categories. That’s great news for film fans and for filmmakers.”

NEA managing general partner Peter Barris will be joining the SnagFilms board of directors. The company also announced that Bingham Ray, former president of United Artists, October Films and Kimmel Entertainment, will be joining the team to help its move into the distribution of fictional narratives and foreign indie films.

“Bingham has been an advocate for filmmakers throughout his career,” said SnagFilms CEO Rick Allen. “His record of successful distribution on traditional platforms provides a strategic sense and depth of relationships that will be invaluable as we extend our model into a broader array of films. Bingham will be a key member of our large presence at the Sundance Film Festival this week and beyond.”

“This is the future of our business,” added Ray, who said he’d been a “big fan” of the service.

The company also plans on putting some of the new funds towards its online magazine IndieWIRE, which it purchased two and a half years ago.

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