IFilm Secures $10 Million in Funding
Funding is scare in these lean times, but iFilm (www.ifilm.com) received a vote a confidence from some major players in the form of a $10 million dollar investment round.
Axiom Ventures, Eastman Kodak Company, Sony Pictures Entertainment, Vulcan Ventures, and GeoCities Founder, David Bohnett's Baroda Ventures, increased their existing investments, while Falcon Cable Founder, Marc Nathanson, former Global Crossing CEO Leo Hindery, and Yahoo! joined the list of investors.
"We are thrilled to have successfully closed our latest investment round and to be deepening our relationship with Yahoo!," said Kevin Wendle. "With iFilm's focus on the film community and Yahoo!'s global reach, we believe we are able to provide the best possible experience online for film fans and filmmakers everywhere."
A spokesperson for the company said it has been streamlining its business to focus on the path to profitability and that the recent round of funding would allow them to continue in this quest.
The company relies heavily on advertsing revenue from the iFilm portal site, but also owns and operates a number of entertainment industry resources including IFILM/OTX, Film Finders, The Hollywood Creative Directory, Lone Eagle Publishing, Scriptshark and Tvtracker.