LONDON — Mubi, the SVOD service that specializes in arthouse movies, has raised $7.5 million in additional funding, according to chief exec Efe Cakarel.
Mubi, founded in 2007, will receive $2.4 million in a second round of financing due to close this week, after it raised $5.1 million in November, Cakarel told Bloomberg.
Cakarel, who is a former Goldman Sachs staffer, said that Mubi’s investors include Joe Osnoss and Simon Patterson, co-heads of Silver Lake Management’s European investment biz, Working Title co-chief Eric Fellner, and Pascal Cagni, a former exec at Apple. Venture-capital company MMC Ventures is also among Mubi’s new investors.
In February, Samsung, the world’s biggest maker of smartphones and televisions, agreed to offer Mubi on its smart televisions and Blu-ray devices.
The number of registered users is 7 million, and its subscriber base has been growing by 3% a week for the past 18 months, Cakarel claimed. Revenue will rise to about $100 million in three years.
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The service costs 2.99 pounds ($4.96) a month in the U.K.
“We are seeing massive growth in the U.K. and Germany, and increasingly Turkey,” Cakarel said. “We’re in both developing and developed markets, but we’re most excited about emerging markets that have strong potential for growth.”
The company launched in Mexico in the past month, and is expanding into Asia.
