Investments

Filmin closes investment round as it prepares to launch in Latam in 2015

filmin investment
Written by Jaime Novoa

Filmin, the leading Spanish platform for independent movies, has closed a round of financing from French companies Metropolitan and Le Meilleur du Cinema. The Spanish company will launch in Latam in the first quarter of 2015.

 

filmin investment

Filmin, the leading Spanish platform for independent movies, has closed a round of financing from French companies Metropolitan and Le Meilleur du Cinema. Although terms of the deal were not disclosed, CEO Juan Carlos Tous has confirmed to Novobrief that both foreign firms will own 35% of the Spanish company.

Metropolitan and Le Meilleur du Cinema have vast experience in the industry, and Juan Carlos says that Metropolitan’s intention is to build a group of pan-European online video platforms under the brand of Filmin and with the common goal of distributing independent movies all around the continent.

Filmin was the first online video platform to be launched in Spain, founded in 2007 by Juan Carlos Tous, José Antonio Luna and Jaume Ripoll with the help of eight Spanish content producers and distributors.

This new deal with Metropolitan and Le Meilleur du Cinema not only shows the intention of building a brand that will bring together other European independent movie platforms, but might also signify Filmin’s first expansion outside of Spain. Juan Carlos has told Novobrief that the company intends to launch in Latin America in the first quarter of 2015, starting with Mexico.

Filmin competes in Spain with platforms such as Yomvi or Wuaki (acquired by Rakuten in 2012), which are focused on a mainstream audience and blockbuster movies and television shows. Juan Carlos Tous declined to provide any financial or user base numbers, claiming that in the past the company and others have tried to bring transparency to the sector by disclosing such figures but not all competitors are willing to do so.

About the author

Jaime Novoa

Jaime Novoa is the Founder of Novobrief.

He is a technology writer turned investor at Madrid's K Fund. He was also a data analyst at Tech.eu.