Smilebox gets $2m, eyes Europe |
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Smilebox gets $2m, eyes Europe
Redmond-based photo services company Smilebox says it will use $2 million in newly secured follow-on funding to expand into the European market. The company, which makes software for creating customized scrapbooks, invitations and photo albums, plans to start offering its software in Europe in the second quarter.
The funding was initially disclosed today in a Securities & Exchange Commission filing that lists Andrew Wright, Paul Bialek, Richard Wolpert and Rob Stavis as directors. Smilebox raised $7 million from Bessemer Venture Partners and Frazier Technology Ventures in 2007. [Post updated with comments from CEO Andrew Wright]
Smilebox says the expansion into Europe will be led by Yannis Dosios, the company's former vice president of marketing, who will work as vice president of European operations out of offices in Athens. The company plans to offer a fully localized version of its software for top European markets.
The company says more than 10 million customers have installed its software to date.
UPDATE: Smilebox CEO Andrew Wright, the former RealNetworks executive, said that Smilebox continues to add customers and sales. Last year, Wright said that sales were up 130 percent as it added new services, reduced customer churn and expanded distribution channels.
"We have so much going on, it is unbelievable," said Wright, citing recent partnerships with Best Buy and Wal-Mart.
Wright said that the European expansion is really a "bet on Yannis," who he called a very capable executive. The company, which employs 50 people, plans to hire between 8 to 10 people in Europe this year. It first plans to target services in the United Kingdom, France and Germany, with versions of the Smilebox service launched in those countries by the second quarter
Wright declined to disclose revenue figures. But he said sales were actually better last year than the company anticipate, and he's got his eyes on a specific target.
"I'd like to sit here and be at $100 million (in sales), but we're not there yet," said Wright, adding that Smilebox has been cash flow positive since last September.
The company recorded record 9.3 million unique visitors during the month of December, he said. Total funding now stands at $16 million, with Wright saying that the new cash provides a nice "buffer" as it looks to expand overseas.
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