Gabriel and Daniel Hammond’s ambitious finance, production and distribution upstart has led a Series A investment round in the cinema-on-demand player.
Broad Green Pictures led the round with existing and new investors, who include Aspiration Investment Group, Preferred Ventures – the micro VC focused on digital media run by Preferred Content founder Kevin Iwashina, freecreditreport.com founder Ed Ojdana and former Facebook chief privacy officer Chris Kelly – and Western Capital Ventures launched by Joseph Krigsfeld.
Tugg will remain autonomous and comes off a year that saw it broaden the catalogue, grow month-on-month sales and expand the user base through word-of-mouth referrals.
“As an industry we’re still realising how powerful content marketing can be when combined with direct-to-fan sales and promotion,” said Tugg Co-founder and CEO Nicolas Gonda.
“Having the financial support, extraordinary business acumen, and tenaciously innovative mindset of our investors behind us will help fuel the next generation of Tugg’s growth in building audience-engagement tools for filmmakers,” added co-founder and COO Pablo Gonzalez.
“BGP is committed to providing its filmmakers with the absolute best distribution and marketing tools to reach the largest audience possible and Tugg has merged film and technology in a way that empowers both film-makers and movie-goers to control their theatrical movie-watching experience,” said Broad Green co-founders Gabriel and Daniel Hammond.
“Tugg provides studios the tools to increase our advertising spends to support our exhibition partners where the films are going to best perform.”
Baker Botts & KHRG served as advisors on the deal.