iMemories, a Scottsdale, Ariz.-based online video sharing site, has raised $6.2 million in Series B funding led by Capital Southwest. The company previously raised $4.8 million.
PRESS RELEASE
iMemories, the premier Web destination for digitizing, storing and sharing personal videos and photos in any format, today announced it received $6.2 million in Series B funding led by venture capital firm Capital Southwest. This brings iMemories’ total outside financing to $11 million. Bill Ashbaugh, senior vice president with Capital Southwest, will assume a seat on the company’s board of directors chaired by former chairman and CEO of Cold Stone Creamery Doug Ducey.
The funding will further solidify iMemories’ leadership position in the emerging market of social entertainment – online video and photo sharing for families, inclusive of both analog and digital media formats. The market is experiencing exponential growth as consumers seek more ways to preserve, store and share their personal videos and photos safely and conveniently with their “social graph” that includes family, friends, colleagues and acquaintances. According toABI Research, 1 billion viewers are expected to access video online by 2013.
“Personal images have never been more important. Videos and photos are woven into people’s daily lives, identities and their connections to both past and present,” saidMark Rukavina, founder and CEO of iMemories. “Images have always been priceless, but thanks to the unprecedented and sustaining impact of social media, images are more front and center than ever before, and have solidified their role as the new social currency of personal status, connection, and expression.”
Consumers use iMemories as the central location to house their videos and photos. Whether they were originally recorded on film or videotape, or captured digitally via a modern camcorder, camera or mobile phone, iMemories offers a safe, convenient and accessible way for memories to live on. Entrepreneur Magazine recently named iMemories among its “100 Brilliant Companies for 2009.”
“iMemories has all the key factors we look for in a successful investment,” saidBill Ashbaughof Capital Southwest. “They are meeting a seemingly insatiable demand in the marketplace, led by a proven executive team that has put in place the technology innovation and distribution model that makes them truly without peer in the market.”
About iMemories
iMemories, Inc. (www.iMemories.com) brings families and friends together by providing a single Web destination to enjoy, share and celebrate their most treasured moments captured via videos and photos. Founded in 2006, iMemories is the only Internet-based service that allows consumers to preserve and store their memories online, regardless of the original media format, and share across multiple consumer platforms, ranging from televisions and mobile phones to popular social networks and blogs. iMemories connects generations of families to their memories, from vintage home movies and photographs to modern digital videos, safely and conveniently in premium digital quality.
About Capital Southwest
Capital Southwest (www.capitalsouthwest.com) is a publicly owned business development company with total assets exceeding $400 million. We provide patient capital to exceptional businesses with significant growth potential. As a public company, we have the flexibility to hold investments indefinitely, which has provided our management teams a stable ownership platform since we were founded in 1961.
iMemories, Inc., Scottsdale Kevin Myers, 480-767-2510 kevin.myers@imemories.com
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