MUBI has banked $7.5 million (£4.5 million) of growth capital two weeks after agreeing a new partnership with Samsung involving curated cinema for the South Korean firm’s smart TVs.
MMC Ventures has led the deal though its MMC London Fund, an £11 million pool of capital created in April 2013 to serve as a matched fund.
With further capital from the European Regional Development Fund, it will be able to leverage £22 million of funds.
Set up in 2007, MUBI operates as a subscription platform providing on-demand films on different devices. The business has its headquarters in California and offices in London, Istanbul and Munich.
Joining MMC Ventures in the funding round is White Star Capital and existing angel investors. MUBI has now raised $12 million and counts Georges Harik, Joel Patterson and Metin Anter as backers.
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Efe Cakarel, founder and CEO of MUBI, says, ‘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 step in our growth and development.’
As part of the new deal, existing angel backers Martin Varsavsky and Silver Lake Partners’ Simon Patterson and Joe Osnoss are joined by film producer Eric Fellner.
MUBI’s new funds will be put to work supporting its film platform as the business looks to sign more partnerships on top of the existing ones it has with the likes of Samsung, Apple and Google.
