SOURCE: StudioNow

 

NASHVILLE, TN--(Marketwire - August 27, 2008) - StudioNow (www.studionow.com), the premier online source for creating professional-quality videos at affordable prices, today announced it has secured $2.38 million in private equity funding from existing investors and Clayton Associates, a Franklin, Tennessee-based private equity firm.

Clayton Associates' additional capital infusion in StudioNow brings the total Series A investment in the company to $4.1 million. Clayton Associates has more than 13 years of private equity experience and more than $175 million in committed capital in four funds. Its investments are focused on early stage and expansion stage companies in media and communications, healthcare services and technology and diversified services, as well as selected real estate ventures.

StudioNow also announced today the addition of three new members to its Board of Directors, in Charles Goldstuck, former president of the Bertelsmann Music Group, Mark Montgomery, co-founder and CEO of echo, an entertainment marketing company for creative artists and their fans, and Clayton Associates partner Nazy Weeks. The Board also includes John Chadwick of Nashville-based Claritas Capital, which led an initial tranche of Series A investment in StudioNow.

"StudioNow is very pleased to welcome this investment from Clayton Associates, which will help carry the company to the next level in order to meet the increased demand for our online video services," said David Mason, CEO, StudioNow. "Our venture capital partners Clayton Associates and Claritas Capital, along with music industry savvy and technology investment experience of our new Board members, position StudioNow for an exciting next phase in the company's growth and development in the online video market."

Founded in January 2007, StudioNow has created a new era of video production by directly connecting businesses and individuals with the Web-based StudioNow Network of expert video/movie editors, videographers, directors, producers, animators and voice-over artists. StudioNow quickly and efficiently creates top-quality digital content at a fraction of the cost normally charged by professional production/post-production houses.

Since securing an initial $1.68 million investment in June 2007 led by Claritas Capital and a group of successful technology entrepreneurs that included the original founders of WebMD precursor Envoy, Fred Goad and Jim Kever, StudioNow has significantly expanded the company's technology development, operations and marketing activities to meet growing demand in the online video production market.

Recent announcements from StudioNow have included agreements for providing StudioNow online video creation services to a variety of online advertising, software and music industry partners, including Clear Channel Radio, CBS Radio, CitySearch, Sony Creative Software and Athlon Sports, among others.

About StudioNow

StudioNow is a professional video creation platform that aggregates thousands of freelance editors, videographers and creative individuals who are available 24/7 to create professional, on-demand video content at affordable prices. Through a proprietary high-volume, Web-based marketplace and production management platform, StudioNow is capable of creating and distributing high-quality, original videos, to provide enhanced communications for professional groups, businesses, organizations and associations of all sizes. For more information, visit: www.studionow.com.