Digital

Sundance ’13: SnagFilms snags $6m in funding

Online film distributor SnagFilms has raised US$6 million in a round of financing, which the VoD platform will use to expand its library.
January 18, 2013

Online film distributor SnagFilms has raised US$6 million in a round of financing, which the VoD platform will use to expand its library.

The Series C financing round involved the existing investment group, which includes Comcast, Revolution Ventures, and SnagFilms founder and chairman Ted Leonsis; and new shareholder CNF Investments, an affiliate of Clark Enterprises.

With the new funding, SnagFilms plans to grow the company’s library to 5,000 films by mid-year; improve the platform and product functionality; continue the expansion across devices and third-party partners; and increase its investment in content.

“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 Rick Allen, SnagFilms’ CEO.

About The Author
Barry Walsh is editor and content director for realscreen, and has served as editor of the publication since 2009. With a career in entertainment media that spans two decades, prior to realscreen, he held the associate editor post for now defunct sister publication Boards, which focused on the advertising and commercial production industries. Before Boards, he served as editor of Canadian Music Network, a weekly music industry trade, and as music editor for HMV.com. As content director, he also oversees the development of content for the brand's market-leading events, the Realscreen Summit and Realscreen West, as well as new content initiatives.

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