New Enterprise Associates and Comcast investment arm Comcast Interactive Capital have invested $10m into SnagFilms and welcomed the former UA president into the fold.
Existing investors such as founder Ted Leonsis and Steve Case also participated in the capital injection as the company seeks to broaden its programming to include fictional and foreign cinema.
Ray will guide the company’s entry into distribution of narrative and foreign independent programming and will attend Sundance with the acquisitions team to scour for new titles.
SnagFilms’ ad-supported model features a current library of more than 2,000 non-fiction films. It entered the transactional arena last year with the launch of VOD channels on Comcast and Verizon FiOS and also has a presence on iTunes.
Leonsis said SnagFilms was profitable and “didn’t need to raise outside capital” but added that the move brought “overwhelming strategic value.”
“Bingham has been an advocate for filmmakers throughout his career,” SnagFilms CEO Rick Allen said. “His record of successful distribution on traditional platforms provides a strategic sense and depth of relationships that will be invaluable as we extend our model into a broader array of films.”
“This is the future of our business,” Ray said.