Leonard, who similar to the remainder of the team is staying on, kept in mind that Storyblocks pays and wasnt actively trying to raise any capital to sustain its company or looking for an exit. Rather, he argued, this sale was just a sensible progression.
He likewise noted that he tends to think of Great Hill as “a growth-oriented personal equity investor, practically a development equity financier masquerading with a private equity structure” given that the firm tends to get business but then also often spins them out again.
As we got to know Great Hill much better, it was clear that we were truly well lined up across all those important points.”
Storyblocks was founded in 2009 and raised about $18.5 million because its launch. The companys focus was constantly on its buffet-style membership service, though it likewise used an “a la carte” marketplace for one-time purchases.
He also kept in mind that he tends to think about Great Hill as “a growth-oriented private equity investor, practically a development equity financier masquerading with a personal equity structure” given that the firm tends to obtain business however then likewise often spins them out once again. “All of our conversations have actually been oriented around how do we change whats working today and accelerate it. How do we take our long term tactical growth plan that sets certain objectives over the next 5 years and achieve them in 3,” he stated.
Storyblocks, the subscription-based stock media service, today revealed that it has been acquired by private equity firm Great Hill Partners. Great Hill likewise got Gizmodo Media Group in 2019. Storyblocks and Great Hill did not reveal the price of the acquisition.
Storyblocks will continue to run as normal and continue to buy its content libraries, Leonard told me. COVID-19 just made the need for stock video footage increase (Storyblocks now sees twice as lots of downloads weekly compared to the start of 2020), but the company was already seeing a growing need for its service before the pandemic, in big parts since the demand for video content only continues to increase.
” This doesnt seem like an ending. It seems like we have a great deal of good work to do,” stated Leonard. “It seems like in a lot of ways, the marketplace is simply type of catching up to what weve thought considering that our founding, which is that if you can assist individuals create more premium video material, do it at an inexpensive price, do it in such a way that saves them time, then theres a huge chance out there.”
” Our mission was truly everything about this concept of price and access,” Storyblocks CEO TJ Leonard told me ahead of todays statement. “Thats core to our DNA. It constantly will be. As we look to the future, we see ourselves supporting our clients across their whole workflow as they work to keep up with the content demand of their audience. You wrap all that together and it felt like the minute was right to take the next step. Update, North Atlantic Capital, QED [Financiers]– all of our early investors– have actually done an amazing job supporting business over the last 8 years to help us get to this point. Great Hill brings a track record– and I think a knowledge– that is perfect for this next stage for us.”
” Weve long felt that even though business is more than 10 years old, theres still a great deal of chapters left in our story. Were actually delighted to continue to chase them down,” he said. “And weve stated all along that if we were going to find a brand-new partner, our very first requirements was that they required to think in the exact same objective and vision that we had, they required to believe the very same market chance that we saw– and they required to feel like we had the best group and the ideal model to go benefit from that opportunity. As we learnt more about Great Hill much better, it was clear that we were really well lined up throughout all those important points.”
Storyblocks, the subscription-based stock media service, today revealed that it has been gotten by private equity company Great Hill Partners. The firm formerly backed business like Wayfair (and after that exited that specific financial investment in 2017) and Custom Ink. Great Hill also obtained Gizmodo Media Group in 2019. Storyblocks and Great Hill did not reveal the cost of the acquisition.