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April 03, 2006
France's Netflix Clone Glowria Raises VC to Acquire German Rival
French online DVD rental company, Glow Entertainment , the company behind Glowria.fr, has reached across the border to acquire Germany's DiViDe, which it says is number three in Germany, tapping new investor Credit Agricole Private Equity, and exisitng investor SPEF, to finance the transaction.
Founded in 2003, Glowria has raised some $15 million to date.
The new capital is not all being spent on the acquisition, the startup up also to invest some of it in the roll out Video on Demand (VoD) in France and Germany, which is something that founder and CEO, Mihai Crasneanu , has had in mind since the early days of his company's formation, based conversations that the a:c euro had with him over two years ago.
The entry into the German market will bring Glowria into competition with AMANGO pure Entertainment GmbH, founded by serial entrepreneur, Andreas Poliza, who is backed by Munich-based Burda Digital Ventures GmbH, the corporate venture arm of Hubert Burda Media, as well as Netleih, Amazon.de, and InVDeo which survived a brush with bankruptcy last year but was bought out by Palago GmbH in the meantime.
Read - glowria.fr acquires German Company DiViDi (Press Release)
Posted on April 3, 2006 04:23 AM | Posted to Online services | Venture Capital | Permalink
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