British video-on-demand service Screenburn raises $500K in angel funding
Facebook Video on Demand (Vod) platform Screenburn has bagged $500,000 (£302,000) from angel investors for its expansion, according to TechCrunch.
Music Week cited Screenburn founder Tom Raffe saying: "Content owners may already have thousands or even millions of fans on Facebook, the app works very well to monetize this existing audience... The app also takes full advantage of Facebook's sharing functionality to find new fans and increase distribution to a nationwide or worldwide audience. This funding is a great qualification of our business model and plans for this year."
Andrew Weisz from Lean Investments LP was the lead investor in the angel round. Tom Singh and Simon Blakey of Avonmore Investments also participated in the investment. The London-based firm will use the new capital for its expansion plans this year, the report detailed.
In addition, Steve Macallister from Zodiak Rights and Howard Kiedaisch of Arts Alliance Media became part of Screenburn's board, TechCrunch stated.
Screenburn provides Facebook on-demand video service for a certain fee. To date, the company has launched more than 200 movies on the social network. Its projects include collaborations with Paul McCartney and the Rolling Stones, the report added.