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.

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