After semi-pivot, SnagFilms is raising $4 million - Technical.ly DC

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Jul. 31, 2015 12:58 pm

After semi-pivot, SnagFilms is raising $4 million

The video streaming service launched a new end-to-end product for publishers last year. According to an SEC filing, the company recently raised about $3.9 million.

SnagFilms is like Netflix for documentaries and independent movies.

(Screenshot via snagfilms.com)

Dupont Circle video streaming and media company SnagFilms has nearly closed a $4 million investment round and is doubling down on its newest product, an end-to-end publishing service called ViewLift.

The company — which owns the eponymous streaming website, as well as Indiewire — launched its third arm in February: “an end-to-end platform for the distribution and monetization of video content,” said spokesman Michael Kohn.

In exchange for a licensing fee, ViewLift creates customized applications on devices including phones, smart TVs and Xboxes, but also stores the videos, provides analytics and sets up content monetization systems.

“We’re powering the entire stack,” said Kohn.

Taking a cue from Netflix, the company started out as a documentary streaming website in 2008. SnagFilms now features a broader range of movies, has formed partnerships with major content providers and pioneered streaming apps for mobile devices.

And yet, the company was built on D.C.’s dot-com fortunes. It was founded as an AOL offshoot by local media mogul and investor Ted Leonsis, with backing from fellow executive Steve Case.

Last week, the company disclosed in an SEC filing that it had raised nearly $3.9 million in debt and securities from a prospective $4 million round.

Kohn would not comment on the new funding, but the document indicates that SnagFilms has signed on a new board member, producer William Durkin of Circle Films.

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Lalita Clozel

Lalita Clozel was the former Technical.ly DC Lead Reporter. She has written for OpenSecrets.org, the Los Angeles Times and Philadelphia City Paper. As a student at the University of Pennsylvania, she wrote for The Daily Pennsylvanian, covering legal affairs, city politics and labor unions.

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