Machinima's Allen DeBevoise invests in MovieLala
MovieLala has received an investment from Machinima Chairman, Co-Founder and Chief Executive Officer Allen DeBevoise for its seed funding round, PE HUB reported. The funding amount was not disclosed.
With the investment, DeBevoise joins other investors of the San-Francisco based movie-focused social network and marketing platform. In November, the startup also obtained an undisclosed investment amount for its seed round from Jim Moloshok, Larry Braitman and Adam Nash. Moloshok worked as a former entertainment executive at HBO, Yahoo and Warner Brothers while Braitman is a founding investor in Flixter. Nash, meanwhile, is the Chief Operating Officer at Wealthfront, a statement about that round said.
MovieLala basically provides a network for soon-to-be-released movies, giving an avenue for fans to follow their favorite celebrities, find upcoming movies and share those they like with friends. By making word-of-mouth endorsements about movies that are about to be released to the theaters an opportunity for studio and movie marketers an effective marketing opportunity, the startup aims to add more to box office sales, the statement said.
In the funding round announced in November, MovieLala said the capital will help support the company's continuing roll out of its platform. Company Co-Founder Dana Loberg had said that the investment it received served as a validation for what they were building. She added, "Studios today have no problem generating awareness leading up to theatrical releases, but they struggle to transform that into intent to purchase tickets. We look forward to closing the missing loop in movie marketing by helping studios optimize their marketing dollars through more effective online targeting with movie fans."
MovieLala plans to bridge the gap that exists between the technology and entertainment worlds that set Silicon Valley and Los Angeles apart. With consumers seeking an easier method of getting content and connecting with others, the startup sees a big opportunity in introducing the technological advances of the Valley to the world of entertainment, the statement said.