Movies On Demand Site Voddler Gets £3 Million Funding, But Who’s Paying?

The Swedish on-demand movie-streaming site Voddler has raised SEK 35 million (£3.02 million) in first-round funding, as Arcticstartup.com reports. Encouraged by Spotify’s word-of-mouth popularity, investors may well be looking for the film equivalent — but we don’t know who those investors are, and there’s no mention of an established VC firm…

We do know, however, that Bertil Villard of the Vinge law firm is joining the company’s board. Arcticstartup speculates that the site may have been “turned down by established VC firms” and had to look to a private consortium, though it could be that the money is from a VC firm that wants to keep quiet. In a release from October, the company said it was owned by “employees, Swedish and international investors and the private equity firm Deseven”.

The site is a long way from fully launching and has yet to acquire next-big-thing status, but it is sealing content deals: In October the company signed up Walt Disney and Paramount, giving a catalogue of more than 500 films. Before this deal, the company had raised $16 million (£9.5 million) in VC funds, including a $12 million (£7.1 million) round in 2007.

In beta, Voddler is invite-only at present, and the company said on Tuesday it had a long list of applicants. The company says it will “shortly” be adding PPV and subscription services to its current ad-funded beta version.