Movie platform provider Tugg raises $5.9M from investors

Nov 21, 2014
Austin Business Journal

Movie recommendation platform Tugg Inc. reported raising $5.9 million of a planned $6.6 million financing

The Austin-based company collected the capital from 11 investors, according to a Thursday filing with the U.S. Securities and Exchange Commission

Tugg, which was founded in 2011, enables filmmakers and film enthusiasts to book a showing at a partner theater and then mount an online campaign to sell tickets and publicize the event, largely through social media

The event takes place if the minimum number of tickets to pay for the showing are sold, with Tugg's revenue coming from a portion of ticket sales as well as charging for enhanced promotion and other optional services. It's unclear how many workers the company employs

Nick Gonda, who is one of the company's co-founders along with Pablo Gonzalez, launched Tugg at South By Southwest in 2012 after seeing the way social media enabled like-minded people to connect and create a sort of critical mass, especially around entertainment pursuits

In early 2013, Tugg reported raising $365,000 of a planned $400,000 debt financing from three investors, SEC filings show

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