And yet, the funding keeps flowing in: EQAL, the new name of the production company behind the pioneering online video series Lonelygirl15, has received $5 million in funding from various investors to develop more shows beyond its first franchise and KateModern in UK. The round was led by Spark Capital, and includes some Silicon Valley heavyweights including Ron Conway and Marc Andreessen, and Georges Harik, a former Google (NSDQ: GOOG) executive. Also investing, Conrad Riggs, a Hollywood producer involved with TV shows such as “Survivor” and “The Apprentice”. All this for a Santa Monica-based company. EQAL was formerly known as LG15 Studios/Telegraph Ave, and is led by CEO Miles Beckett and President Greg Goodfried. A history of the series and the company is here on Wikipedia.
The company says it is profitable through brand integration deals, something it wants to expand on with more shows. It would compete against the likes of many other such video studios, like NextNew Networks, 60Frames, and many others.
On company’s blog, the founder explain the rationale: “We