AOL Billionaire's Startup, SnagFilms, Reels In $10 Million From Comcast, NEA

Ted Leonsis

Photo: AP

SnagFilms, which aims to be the world’s largest library of free fiction and non-fiction films, just raised a $10 million round.Comcast and NEA invested. NEA parter Peter Barris will join the startup’s board.

Leonsis and his old AOL and Revolution Money colleague, Steve Case, invested in SnagFilms again.

We’re paying attention to SnagFilms because so many successful people are associated with it. Barris and Leonsis sit on Groupon’s board. Case and Leonsis did AOL – and then created Revolution Money, which sold to American Express for $300 million last year.

In an email, Leonsis tells us the money will be used to expand SnagFilms’s library beyond documentaries and into narrative indie films from outside of North America.

“We intend to build the world’s largest library of free full length high quality films and stream them everywhere.”

“We have 2000 films in [our] library the goal is to quickly get to 10,000 films in library – about 25,000 hours, the size of a cable network library – in less than 5 years of business. Snagfilms is now 2.5 years old.”

Leonsis says SnagFilms’s didn’t need the money – he say it’s profitable – but that Comcast and NEA made too much sense as strategic investors to pass up.  (There’s already a SnagFilms video-on-demand channel on Comcast.)

Check out the wild offices of Leonsis and Barris’s other investment, Groupon >>

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