Eqal, the one-time online video studio that got considerable notice for web series Lonelygirl15, is looking to raise $3.5 million as its continues to pivot from creating shows to helping celebrities and brands establish social media communities, the company tells paidContent.
A rep for the North Hollywood company confirmed the details of an SEC filing that was made on Monday. Eqal intends to raise $3.5 million, but so far, it’s only got $649,994.
While there was a great of buzz around Lonelygirl15, which was deemed a viral hit on YouTube (NSDQ: GOOG), it was difficult to maintain and build on the series’ momentum, which was cast as a video diary of a “typical” suburban teen and her friends. After striking deals with media companies, Eqal altered its business from an online video studio to a white label blog producer for celebrities such as Food Network chef Paula Deen and actors Alicia Silverstone and Taye Diggs.
“We have recently made considerable hires within our tech department and have brought on key executives across the organization,” said Miles Beckett, Eqal’s CEO and co-founder in an e-mail exchange, discussing the reasoning behind the funding. “We will continue to build out our technology, sales and business development departments.”