SnagFilms shuts new round of financing

SnagFilms has closed a completely new seven-figure financing round specific at accelerating its growth. The business 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 evening Foundation, New Enterprise Affiliate marketers (NEA) and Comcast Interactive Capital (CIC). It's also attracted investment from Terry Semel (who also joins the board) and David Fialkow, co-founder and controlling director of General Catalyst Partners. SnagFilms mentioned it's arranged its first debt facility with Plastic Valley Bank and contains $7 million in available equity and debt financing. "The completely new funding is going to be utilized by SnagFilms to improve a library of high-quality independent films that now amounts greater than 3,000 game game titles and includes imaginary films furthermore to documentaries continue its technology development to provide films across all digital platforms and items and market its films in many channels," the business mentioned. SnagFilms mentioned it is on greater than 100 items, including 95% of pills, and contains distribution with Comcast and FiOS video-on-demand with digital pay-on-demand platforms iTunes, Hulu, Amazon . com . com and YouTube Movies. It will rapidly launch on DirecTV and digital streaming companies Vudu, Samsung Media Hub and Xbox 360 360 Live. Former Warner Bros. and Yahoo topper Semel mentioned, "Movie art galleries don't have a monopoly on great tales, yet small distribution companies find it hard to assemble the footprint necessary to acquire a scale audience. SnagFilms has that base -- the needed contracts and associations to distribute thousands of great tales, while using capital required to guide its area." Contact Dork McNary at dork.mcnary@variety.com