SnagFilms, the digital distributor of independent films and documentaries, closed on $7 million in venture capital and debt financing last week, the last money executives said they should need before the company turns a profit.
The infusion of cash, which comes largely from existing investors, will continue to fuel an expansion that began last year, said chief executive Rick Allen. SnagFilms has added to its list of movie titles in recent months and can now be found on a broad slate of Web sites and electronic devices.
That distribution has been key to the District-based firm’s growth strategy. SnagFilms has built applications for most tablet computers, smartphones and connected TVs. It’s also developed rental agreements with online video purveyors, such as YouTube, Amazon and Hulu.
“Right now, we have what I believe to be the broadest footprint for independent films,” Allen said. “All of these devices, all of these platforms, we can put films anywhere that there is an audience.”