Art-house film streaming service MUBI has announced today that it has closed the rolling funding round of 15 $million raised mostly from individual investors. This latest round includes the previously announced $7.5 million, and has increased the total funding to $20 million.
This is not a venture round as only 5% of the funding comes from institutions. So this may be one of the largest rounds of equity financing for a start up closed with only individual investors, the company claims.
Jon Winkelried, the former president of Goldman Sachs and Eric Fellner, the chairman of Working Title Films, largest production company in Europe, and Pascal Cagni, former CEO of Apple EMEA and board member of Vivendi, are among the investors in this round. Others include Martín Varsavsky, Osama Al Ayoub, the CEO of Kuwait Investment Office, Simon Patterson from Silver Lake Partners, Jörg Mohaupt of Access Industries, Peter Dubens, the founder of Oakley Capital and Bertrand Demole from Pictet.
MMC Ventures and White Star Capital are two institutions who joined the round with minor shares.
This latest round is a “rolling investment”, the company explained, where they went after individual investors at different valuations over the period. For those who are unfamiliar with the concept, Snapchat’s recent fundraising was another of this kind.
Founded in 2007 by Efe Cakarel, MUBI is a streaming video on demand subscription service like Netflix, differing only in film selection where MUBI’s line up is mostly classic, art house, foreign and independent films. Everyday a new film is introduced and available to watch for 30 days on several platforms including web, iOS, Android, PlayStation, Samsung Smart TVs, Amazon Fire TV and other internet-connected devices. It’s the only subscription video on demand platform with offline viewing capability on mobile (similar to Spotify) – Netflix doesn’t have this.
MUBI has offices in London, San Francisco, Munich, Mexico City and Istanbul, managing operations in 43 territories. Following the success of PlayStation3 partnership in 2010, where MUBI has become the first VoD services on a console, the company has launched a few weeks ago on PlayStation4.