SnagFilms shuts new round of financing

SnagFilms has closed a brand new seven-figure financing round targeted at speeding up its growth. The organization introduced Monday that current traders participated, including SnagFilms founder and chairman Ted Leonsis, Steve and Jean Case's Situation Foundation Endeavors, the John S. and James L. Dark night Foundation, New Enterprise Affiliates (NEA) and Comcast Interactive Capital (CIC). It is also attracted investment from Terry Semel (who also joins the board) and David Fialkow, co-founder and controlling director of General Catalyst Partners. SnagFilms stated it's arranged its first debt facility with Plastic Valley Bank and it has $7 million in available equity and debt financing. "The brand new funding will be utilised by SnagFilms to increase a library of high-quality independent films that now amounts a lot more than 3,000 game titles and includes imaginary films additionally to documentaries continue its technology development to supply films across all digital platforms and products and market its films in most channels," the organization stated. SnagFilms stated it's now on a lot more than 100 products, including 95% of pills, and it has distribution with Comcast and FiOS video-on-demand with digital pay-on-demand platforms iTunes, Hulu, Amazon . com and YouTube Movies. It will quickly launch on DirecTV and digital streaming companies Vudu, Samsung Media Hub and Xbox 360 Live. Former Warner Bros. and Yahoo topper Semel stated, "Movie galleries do not have a monopoly on great tales, yet small distribution companies find it difficult to assemble the footprint essential to achieve a scale audience. SnagFilms has that base -- the required contracts and associations to distribute 1000's of great tales, using the capital needed to guide its area." Contact Dork McNary at dork.mcnary@variety.com