IFilm Raises $10 Million
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Online film portal IFilm pocketed $10 million in its sixth round of funding. The company raised $35 million in a fifth round in January of last year.
IFilm serves as a directory for the Internet film industry and as an online resource for film fans, filmmakers, and entertainment industry professionals. The site contains links to more than 15,000 Internet films from every major broadband content provider.
According to a company spokesperson, IFilm will use the funding to continue its growth and sustain operations on the road to profitability.
Today's announcement follows a series of strategic alliances the company formed in recent months that include a collaboration with Santa Monica, California-based Filmtrust, an application service provider for the entertainment industry. Filmtrust acquired IFilms' key software assets in exchange for promotional and marketing services.
IFilm also recently secured an equity and content agreement with Rainbow Media Holdings, Inc., a subsidiary of Cablevision Systems Corporation, and The Independent Film Channel, a division of Rainbow Media.
Today's round included new investments from Marc Nathanson, founder of Falcon Cable, former Global Crossings Chief Executive Officer Leo Hindery, and Yahoo!. Previous investors Axiom Ventures, Eastman Kodak, Sony Pictures Entertainment, Vulcan Ventures, and Baroda Ventures also participated in the round.
Founded in 1998, IFilm is headquartered in Hollywood, California.