On the heels of Fandor's announcement of Larry Aidem as President & CEO last month and its groundbreaking distribution agreements with HP and multiple OTT distributors, the momentum continues.
Earlier today, Chris Kelly, Chairman of Fandor announced the streaming service has completed a $7 million round of funding, including Starz as lead strategic investor.
The raise is a prelude to Fandor's B round, expected to be completed in the coming months.
Said Starz CEO Chris Albrecht, "At a moment in time when Starz is aggressively extending its brands—geographically and technologically—we are excited to invest in Fandor. It is a premium content company offering the world's largest selection of independent film titles with a state-of-the-art technology platform. With its top-tier management team led by Chris & Larry, with their reputation and experience, we expect Fandor to be a great investment for Starz.”
Added Aidem, "Chris Kelly & I are extraordinarily pleased & honored to have Starz as Fandor's lead strategic investor. Together with DNS and Aryeh Bourkoff's LionTree—two of the most respected voices in media & entertainment—the prospects for fully realizing our ambitious vision for the business are excellent. On a personal note, I'm delighted to reunite with Chris Albrecht & Aryeh Bourkoff, longtime colleagues & friends with whom I've previously enjoyed tremendous business success."
Founder and CEO of LionTree LLC, Aryeh B. Bourkoff remarked, “Today, everyone in the TMT industry is evaluating the impact of disruption and globalization, and their own strengths and vulnerabilities at home and abroad, Chris & Larry's years of experience in both digital & traditional media are a distinct advantage. Fandor is well-positioned for success in the shifting media ecosystem and LionTree Capital is confident in the Company's ability to make targeted moves that will create lasting value and impact."
Concluded Kelly, "This strategic validation further readies Fandor for rapid expansion in the exploding market for great visual storytelling."