The capital investment will enable the online distributor to expand its 4,000-strong film library to 5,000 by the middle of the year.
“SnagFilms has grown with investments in technology, content and marketing, applied to a 4,000-title library that has grown 10-fold since our launch,” said SnagFilms founder and chairman Ted Leonsis.
“With this new infusion, the company will accelerate into a record 2013, bringing more great films to a broader audience, everywhere they want to watch.
“We appreciate the continued support of our exceptional investor group, and welcome our friends from Clark Enterprises – a company whose growth from a local start-up to a national powerhouse offers a strong model for our business. ”
All current investors participated in this round, including Leonsis, Revolution Ventures, the John S and James L Knight Foundation, New Enterprise Associates, Comcast Ventures, and media and internet executive Terry Semel.
CNF Investments joined the investor group, with Clark Enterprises evp Robert J Flanagan taking an observer seat on the board.