After launching a $2 million Series B convertible preferred round, IndieFlix received one month ago a $200,000 commitment from one investor. So far the company raised 10% of its non-brokered security offering according to the filing. An additional $1.8 million in funding is to be raised until the offering draws to a close in March 2015. The offering’s estimated net proceeds will amount to $1.79 million which excludes $214,000 to be paid toward officers’ salaries. This is not the first time the company files unregistered securities with the SEC according to a concurrent filing.
The company is an independent film distribution and discovery subscription platform and forum. Subscribers can stream thousands of movies for $5 per month. IndieFlix also allows independent filmmakers to non-exclusively sell their films while maintaining their rights. The company uses a proprietary revenue-sharing Royalty Pool Minutes (RPM) model under which filmmakers get paid for every minute watched by an IndieFlix subscriber.
The company is headquartered in Seattle WA. IndieFlix disclosed having revenues on or below $1 million.
The executive team includes Kristie Lanum and Scilla Andreen.
The board of directors includes Paul Pigott.
In a concurrent filing, IndieFlix disclosed having raised $2.16 million in a fully subscribed offering.
The company has raised an estimated total of $2.36 million via private unregistered security offerings.
Status: First close
Amount offered: $2 million
Amount placed: $200,000
First sale: 03-13-2014
Data as of: 04-14-2014