‘Hand-picked’ on-demand film provider MUBI raises $7.5m Series D funding
International streaming service caps rapid growth and Samsung partnership with backing
On-demand film streaming service MUBI today announced it has completed a $7.5m Series A funding round from a group of tech investors, set to back a further phase of growth for the business.
Founded in 2007 by Efe Cakarel, MUBI operates a subscription-based streaming service, in which users are shown a selection of 30 films a month picked by a team of cinema experts.
Its on-demand service, which costs £2.99 a month, can be viewed on a range of PC, mobile and tablet devices.
Based in Palo Alto with headquarters in London, Istanbul and Munich, MUBI has seen strong growth since launch, increasing its userbase to around 7 million people – now claiming to be the world’s largest social network dedicated to film.
In addition to its growth MUBI has concluded deals with a number of leading consumer electronics and broadcasting clients, including Apple, Sony, Dolby and Google.
Most recently, it announced a new partnership with electronics giant Samsung that will see MUBI's service launched on Samsung Smart TVs.
The $7.5m Series D investment comes from a range of global investors, including MMC Ventures’ MMC London Fund – an investment fund launched in collaboration with the Mayor’s Office last year which aims to support fast-growing tech businesses in London.
Other investors in the round included previous angel backer Martin Varsavsky, Simon Patterson and Joe Osnoss of investment syndicate Silver Lake Partners, film producer Eric Fellner, and investment firm White Star Capital.
It will be used to back further growth for the film platform.
Efe Cakarel, founder and chief executive of MUBI, said in a statement: “It’s been an exciting couple of years for MUBI.
“We are on tens of millions of devices and have hosted 2.1 million film views since launch, so this funding round feels like the natural next step in our growth and development. We are delighted with these developments.”