JibJab Raises $7.5 Million Series C
Company Aims to Reinvent $8 Billion Greetings Industry
Venice, CA – January 7, 2009 – JibJab, a leading provider of digital greetings and online entertainment, today announced it has closed a $7.5 million Series C financing. In connection with this round, Overbrook Entertainment and Sony Pictures Entertainment are joining existing investor Polaris Venture Partners.
The financing closed as JibJab rocketed into the Top 100 U.S. websites in December 2008 according to web analytics firm Quantcast. During the holiday season, JibJab.com received 60 million visits and people created over 35 million personalized eCards using the company’s Starring You® technology platform.
Founded in 1999 by brothers Evan and Gregg Spiridellis, JibJab became world famous for their irreverent political and pop-culture satires. In 2007, the company entered the burgeoning online greetings market to leverage their unique content creation capabilities into a highly scalable, premium business model.
“We sensed that customers would pay for access to unique, high-quality entertainment that they could use to express themselves online,” said JibJab co-founder and CEO Gregg Spiridellis. “With this thesis well proven, and the capital from this financing now in place, we plan to aggressively innovate the online greetings category in the months and years ahead.”
While the majority of JibJab content is free to users, the company does restrict access to select content for subscribers only (subscriptions cost $15.99 a year or $9.99 for six months). Other sources of monetization for the company include digital downloads, personalized merchandise and advertising.
“With its stellar brand, unparalleled track record for creating hits, proven ability to monetize and 6 million strong registered member base, we think JibJab is in an enviable position to reinvent the $8 billion greeting card industry,” said Jon Flint, co-founder and managing general partner of Polaris Venture Partners. “We’re thrilled to deepen our relationship with this exceptional, pioneering company.”
Overbrook Entertainment partner James Lassiter will join Polaris’ Jon Flint and founders Evan and Gregg Spiridellis on JibJab’s Board of Directors. Guy Primus, Overbrook’s Head of Interactive Media, will join the company’s advisory board.
“JibJab shares Overbrook’s commitment to high-quality entertainment,” said James Lassiter. “We believe that their exceptional team, track record of innovation and proven business model offers exceptional growth opportunities, even in this difficult economic climate. We’re excited to work with them as we continue our expansion into the world of online entertainment.”
About JibJab Media
JibJab Media is a digital entertainment studio that helps people BE FUNNY! From its offbeat Sendables® eCards to personalized Starring You!® videos and irreverent viral videos, JibJab is on a mission is to help more people share more laughs than any other company in the history of the world. With over 100 million visits to its website in the past twelve months and 6 million registered members, the company is well on its way. For more info go to JibJab.com/about.
About Polaris Venture Partners
Established in 1996, with offices in Waltham, San Francisco, and Seattle, Polaris has over $3 billion under management. The Polaris eCommerce and digital media portfolio includes Art.com, Automattic, Athletes’ Performance, HealthCentral, Heavy.com, Ice.com, Modelinia, TechTarget, Quantcast, and Turbine Entertainment. Polaris has helped build numerous market leading companies, including Akamai Technologies, Allaire, Alnylam Pharmaceuticals, American Superconductor, Aspect Medical Systems, Avici Systems, Centra Software, Classifieds2000, deCODE genetics, Exchange.com, Matrics, Microbia, Momenta Pharmaceuticals, Paradigm Genetics, Powersoft, PSCI, Sirtris, SolidWorks and TransForm Pharmaceuticals.
About Overbrook Entertainment
Overbrook Entertainment, an entertainment production company, was formed in 1998 by partners James Lassiter and Will Smith. In 2007, the company welcomed a third partner, Ken Stovitz. Films the company has produced over the last 10 years include “Ali,” “I-Robot,” “Hitch,” “Saving Face,” “ATL,” “The Pursuit of Happyness,” “I Am Legend,” “Hancock,” “Lakeview Terrace,” “The Secret Life of Bees” and “Seven Pounds.” Future projects include “The Human Contract,” which will mark the directorial debut of Jada Pinkett Smith. Overbrook Entertainment also produced the television series “All of Us” which ran for four years on UPN.
JibJab, Sendables, JibJab Sendables and Starring You! are trademarks of JibJab Media Inc. in the United States and other countries. The names of actual companies and products mentioned herein may be the trademarks of their respective owners.
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