NYC-based Motionbox has raised a $7 million B round, led by Bear Stearns’ Constellation Ventures. Canaan Partners and SAS Investors, who led the site’s $4.2 million A round a year and a half ago, reupped on this one.
Motionbox launched more than a year ago to very kind reviews, which described it as a much more sophisticated way to store and edit video than rivals. But given the overwhelming glut of video sites, and the daunting economics that face all of them, a better feature set won’t be enough.
Which is why it’s heartening to hear that Motionbox has changed course, and is now trying to position itself as Shutterfly or Snapfish for video: A storage and sharing site aimed at mainstream consumers that makes money (or tries to) via e-commerce and subscriptions. The company’s first “hard-good” product is an $8 flip book; each one can turn about 15 seconds of your video clip into a 70-page book. There’s more on the way, says CEO Chris O’Brien, including DVDs and other print products.
Press release excerpt after the jump
MOTIONBOX CLOSES $7M SERIES B FUNDING WITH CONSTELLATION VENTURES
Series B Funding Coincides with Launch of New Premium Subscription Service and First Hard Good Product – Motionbooks
NEW YORK, Dec. 4, 2007 – Motionbox (www.motionbox.com), the family video site that makes it easy for consumers to store, mix and share their personal videos, today announced that it has closed a $7 million Series B round of funding, led by new investor Constellation Ventures, a unit of Bear Stearns Asset Management. Also participating were Motionbox Series A investors Canaan Partners and SAS Investors. The Series B round will fund the marketing and product development of the company’s new services and products. On November 13, Motionbox launched Motionbox Premium, the new subscription service that includes unlimited storage and TV-quality downloads, and Motionbooks, new video flipbooks you can make with your personal videos.
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