Online Video Documentary Company SnagFilms Raises $10 Million
This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry
SnagFilms is an online documentary video streaming service that was founded in 2008 by Ted Leonsis. SnagFilms has raised $10 million in funding from New Enterprise Associates, Comcast Interactive Capital, and Steve Case. SnagFilms will use the funding to expand their videos into fiction and to distribute their movies on more platforms.
New Enterprise Associates and Leonsis also have something else in common. The VC firm and he both have invested in Groupon. NEA general partner Peter Barris and Leonsis have board seats in Groupon. SnagFilms currently have 2,000 non-fiction titles that are distributed through ad-support streaming and a pay-per-view option through Comcast. They also sell rentals through YouTube and iTunes. SnagFilms videos are featured in the Starbucks Digital Network.