Software developer Flixel Photos Inc closed its financing round with USD 770,000. The Canadian Media Fund (CMF) provided USD 375,000 to support the Toronto-based startup. The USD 395,000 was generated through an oversubscribed private placement from a select group of high-net worth individuals. Cranson Capital Securities Inc arranged the entire transaction. Flixel said it would be using the funds to improve its software application. The company would also use the money to fuel their marketing efforts.
Flixel created the application that enabled users to make their own Cinemagraph. A Cinemagraph puts together features of videos and still photos. From the time Flixel introduced the app two years ago, it had steadily grown in popularity. Just recently, Tyra Banks generated significant exposure for the app when she used it in America's Next Top Model (ANTM). Banks also earlier invested an undisclosed amount in Flixel through her own venture firm, Fierce Capital.
Flixel CEO Philippe LeBlanc said he was impressed with the investors who supported the company's most recent private placement. "This small group of high net worth investors bring experience, professional expertise and industry knowledge which will add value for Flixel moving forward," he added.
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