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.