BLC to secure additional $4 million
Cinemoz, a local premium ‘Video on Demand’ platform has secured $1.5 million in funding from BLC Bank under BDL’s Circular 331.
According to Karim Safieddine, co-founder and CEO of the company, “It is the largest secured fund under this Circular. BLC promised to raise an additional $4 million during 2015.”
Cinemoz was founded in 2011, by Safieddine and Maroun Najm, Chief Technology Officer. It gives access to televised entertainment from the Arab region such as films, series, documentaries and others, while interacting with the community through full integration of social media features. The platform has 1,200 titles, so far. All content is available free of charge.
Cinemoz has 350,000 monthly viewers and is planning to reach the 1.3 million subscriber mark, with the financial boost it has received. The platform’s management earns revenues from advertisement. “In 2013, we generated $400,000 purely from ads. This year, we are planning to double this amount,” Safieddine said.
The company is working on ameliorating its content, according to Safieddine. The company will also diversify by launching a new channel called TVmoz that will be purely dedicated to TV series, while Cinemoz will provide only movies. “We are planning to go into additional specializations in our content and are considering launching a Sportmoz, a Foodmoz, and other channels probably.”
Cinemoz is also a Seeqnce accelerated startup, a web and mobile start-up accelerator for the Arab region. In December 2011, they officially launched their beta version of the website.
Date Posted: Dec 05, 2014