SnagFilms has raised funding in the form of a new $6 million Series C financing round from not only the entire existing investment group, but new shareholder CNF Investments, LLC, an affiliate of Clark Enterprises, Inc.
With this new funding, SnagFilms (which owns Indiewire) will be able to accelerate its growth; last year it launched apps on iPad, iPhone, Windows 8, and Xbox LIVE, while it also had four theatrical releases nationwide. SnagFilms' film library is expected to reach 5000 by mid-2013. This round of funding will go towards improving SnagFilms' platform and product functionality, continuing its platform expansion across devices and third party partners, and to increase its investment in content and marketing.
SnagFilms founder Ted Leonsis states:
“With this new infusion, the company will accelerate into a record 2013, bringing more great films to a broader audience, everywhere they want to watch. We appreciate the continued support of our exceptional investor group, and welcome our friends from Clark Enterprises."
Meanwhile SnagFilms is at Sundance scoping out new acquiaition titles and celebrating a strong pre-release in New York City of SXSW Grand Jury Prize winner "Beware of Mr. Baker," which expands January 25.