Online movie service MUBI adds $7.5 million to its coffers

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Online movie service MUBI adds $7.5 million to its coffers

MUBI, an online movie service catering to independent and art-house film enthusiasts, said it is closing a $7.5 million round of fund-raising this week after hooking up with Samsung Electronics to offer its service worldwide.

Joe Osnoss and Simon Patterson, co-heads of Silver Lake Management LLC’s Europe investment business, film producer Eric Fellner and Pascal Cagni, who oversaw Apple’s Europe, Middle East, India and Africa operations as vice president until 2012, are among MUBI’s investors, CEO Efe Cakarel said. Samsung, the world’s biggest maker of smartphones and televisions, agreed to offer the service on its smart televisions and BluRay devices, he said.

MUBI, based in Palo Alto, California, and London, predicts revenue will climb to about $100 million in three years from its Web-based subscription service, tapping demand for online film entertainment.

Bloomberg

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