Online movies service raised $40M

Online movies service raised $40M Online movies service which provides license full-length films, attracts $40M from Russian and international funds. The main investor was a private equity firm Baring Vostok. ru-Net, Tiger Global, ProfMedia and Frontier Ventures has also invested in the service.

Received investments will be spent on the technological development and on the expansion of the content base, the head of Oleg Tumanov says in an interview with the technoblog. project was launched on February 26, 2010 with the participation of Digital Access Company which is engaged in operational control of, in particular the purchasing of the content and selling advertising on the site.

According to the company, has 10M unique visitors a month who watch more than 50M videos. The website had only 3M unique visitors a month one year ago. The catalog of has over 65K titles including documentaries and feature films, TV shows, cartoons, and music videos.

However the catalog of can not yet compete with large databases of such services as Netflix and Hulu, which, according to unofficial information, plan to enter the Russian market, Techcrunch writes.

Tumanov did not disclose how much investment managed to attract since its establishment in February 2010, but noted that it was tens of millions of dollars.