Kibo Ventures, the fund backed by Spanish telecoms giant Telefónica, has invested in online production services marketplace Visualnet.com.
The startup industry directory provides production services to the film and TV & video industries. The funding will enable it to expand its technology and engage with future rounds of investment partners in the US.
“Visualnet’s marketplace helps producers find all the resources they need in a more efficient way,” said founder and CEO Enrique Irazoqui. “Our bidding system delivers this and is our differentiatior for the global production industry.”
“Kibo, our first institutional investor, is an ideal funding partner for Visualnet,” added Irazoqui. “With their support and commitment to our brand’s growth in serving the global entertainment and production industries, we are confident in our future success.”
“Enrique and the Visualnet team have built a much-needed technology and are bringing significant innovation to a rapidly expanding global industry,” said Kibo Ventures managing partner Javier Torremocha. “We believe that they understand the need for innovation in the global production ecosystem and our investment supports this.”
Visualnet.com has more than 70,000 vendors, 20,000 producers and 20,000 crew and service professionals in its directory.