SnagFilms Closes New Funding For Movie Website

Washington, DC – January 30, 2012 – SnagFilms announced today that it has closed a new, seven-figure financing round to accelerate the growth the company achieved in 2011. All current investors participated, including SnagFilms founder and chairman Ted Leonsis, Steve and Jean Case’s Case Foundation Ventures LLC., the John S. and James L. Knight Foundation, New Enterprise Associates (NEA) and Comcast Interactive Capital (CIC), along with two new investors: veteran media and internet executive Terry Semel (who also joins the Company’s Board) and David Fialkow, co-founder and managing director of General Catalyst Partners. In addition to new equity, the company has arranged its first debt facility with Silicon Valley Bank. Total available equity and debt financing is $7MM. (more…)

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