London-based online DVD rental company, Video Island, last week announced the closing of a $10.7 million Series B round, led by Cazenove Private Equity.
Series A investors Benchmark Capital and Index Ventures also participated in the deal.
“The online DVD rental business requires heavy investment in logistics and stock to be able to offer the customer a high level of service,” says Saul Klein, co-founder and CEO of Video Island. In the 1990s, Klein founded Firefly, a purveyor of movies and music online.
Video Island boasts as being the only VC-backed online DVD rental service in the United Kingdom. But the competition is expected to heat up in Europe.
Blockbuster recently launched an online service there, and Netflix is also planning an imminent European expansion. Hilary Meyrick, investment director at Cazenove, will join the Video Island board.
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