RealTime IT News

Precision Entertainment Secures $5 Million in Funding

Culver City, CA-based Precision Entertainment, a provider of end-to-end e-commerce services for entertainment, sports and lifestyle companies, said it has received $5 million in a first round of equity financing.

The funding was led by institutional investors Dawntreader LP, a New York venture capital fund founded by Robert Lessin of Wit Capital, and Comcast Communications.

Major individual investors include Michael Fuchs, former chairman and CEO of Home Box Office (HBO); Frank Biondi, former president and CEO of Viacom Inc. and former chairman and CEO of Universal Studios; Steve Perlman, co-founder and president of WebTV; Jim Kimsey, an America Online board member; Mark Kimsey of NationsBanc Montgomery Securities, and Avi Arad, chief creative officer and board member of Marvel Enterprises.

Precision Entertainment also named Robert Hollander, who directed the $1.5 billion licensing program for the 1996 Olympics in Atlanta, as its president and CEO.

In addition, Marc Von Arx, former chairman of The Vine, a pioneering online community dedicated to the entertainment industry, was named executive vice president (EVP) and chief operating officer (COO).

"While the financial capital we've received will help us expand the business, the intellectual capital we now have on board, led by Bob Hollander, Marc Von Arx and our investment group, will enable us to explode," said Robert Fried, founder and chairman of Precision Entertainment.

Precision Entertainment was founded in 1996 by film producer Rob Fried. It provides scalable technology, design and storefront integration as well as in-house procurement, customer service, warehousing and fulfillment capabilities.

Official partner stores the company has designed, built and maintains include The X-Files, The Simpsons, King of the Hill, Fox Sports, South Park and movie stores such as Godzilla.