LOS ANGELES, CA, Leading online marketplace for production services in the film, TV & video production industry, announced today that Kibo Ventures made an initial investment in the production services Internet startup company.
Visualnet.com, the leading online marketplace for production services in the film, TV & video production industry, announced today that Kibo Ventures, a fund backed by the telecommunication leader, Telefonica, have made an initial investment in the production services Internet startup company. This early stage funding provides Visualnet with resources to expand its technology while at the same time engaging with future rounds of investment partners in the USA.
Visualnet.com is the largest and most comprehensive industry directory in the world with over 70,000 vendors, 20,000 producers and 20,000 crew and service professionals connecting the entertainment industry to a dynamic marketplace of production services. Complementing Visualnet is VisualBids, an online bidding tool for production services and equipment, designed to streamline the production process, making it more efficient. Together, Visualnet's new global technology aims to transform the production process for the next generation of filmmaking professionals. Initial reaction is positive, with major studios, including Sony, and TV networks expressing immediate interest in piloting Visualnet for production bidding.
"Visualnet marketplace helps producers find all the resources they need in a more efficient way. Our bidding system delivers this and is our differentiator for the global production industry," said Enrique Irazoqui, Founder and CEO of Visualnet. "Kibo, our first institutional investor, is an ideal funding partner for Visualnet. With their support and commitment to our brand's growth in serving the global entertainment and production industries, we are confident in our future success."
With the explosion of technology adoption and innovation, global telecom giant Telefónica and its network of venture capital funds, including Kibo Ventures, function to accelerate and finance high potential technology companies. In building these initiatives, Telefónica adopts a global and collaborative approach to investing in the high tech companies of the future.
"Enrique and the Visualnet team have built a much-needed technology and are bringing significant innovation to a rapidly expanding global industry. We believe that they understand the need for innovation in the global production ecosystem and our investment supports this," said Javier Torremocha, managing partner at Kibo Ventures.
For more information about Visualnet or VisualBids, visit www.visualnet.com
Visualnet.com is the industry's leading global online destination for the Film, Broadcast and Commercial production communities. It's the industry's single most globally comprehensive Directory, with more that 120,000 listings worldwide. VisualBids is an online bidding tool designed to help producers to streamline its production processes and be more efficient. VisualBids connects producers and production suppliers with online automation and effortlessly manages all below-the-line production needs in a single place, a $40B market opportunity in the US alone.
About Kibo Ventures:
Kibo Ventures is a Madrid-based VC Fund focused on early-stage investments in Internet and mobile-based companies. Kibo Ventures manages $45 million from a mix of institutional and private investors. Specifically, Kibo likes to invest in companies which combine exceptional and committed teams, aiming to digitalize a product or service in a big-enough market with international potential. Kibo is managed by an experienced team of professionals with a solid track record, who are actively involved in the companies in which invests. Kibo follows a stage-investment approach and financially supports portfolio companies as they grow, whilst promoting co-investment from valuable investors. Current portfolio includes companies like Colingo, Ducksboard, Mediasmart, Sindelantal, Smartycontent, Stop&Walk, Supertruper and Visualnet.
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