Santa Barbara, Aug. 02, 2016 (GLOBE NEWSWIRE) -- http://www.globenewswire.com/NewsRoom/AttachmentNg/91407aa0-1b4e-48d6-8c52-b3ac12e34731
Snapwire, a fast-growing photo startup that connects a new generation of photographers with brands wanting authentic photos for their marketing and social media projects, announced today that it is one of the earliest companies to have launched a successful Title III equity crowdfunding campaign under the federal Jumpstart Our Business Startups (JOBS) Act. The company currently is accepting investments on the equity crowdfunding platform StartEngine (www.startengine.com).
“After announcing our campaign last Thursday, we've reached more than 100% of our targeted raise amount - we are amazed. We are further excited about making use of this new securities law that allows individuals who like what Snapwire is doing to directly invest in our company through StartEngine,” said Snapwire CEO Chad Newell. “The infusion of capital that we are expecting from our crowdfunding campaign will help us to grow more quickly by making it possible for us to serve our photographers and photo buyers even more effectively than we already are.”
Equity crowdfunding has been available as a capital-raising tool for emerging companies since May 16, 2016, when the Securities and Exchange Commission released rules that govern how crowdfunding can be legally implemented. The law, known as Regulation Crowdfunding or Regulation CF, enables private companies to raise up to $1 million in small investments from crowds of investors, and it allows everyday people to enjoy investment opportunities, that until now, were only available to venture capitalist and other large investors.
Since its launch in June 2014, Snapwire has grown to more than 285,000 photographers who have posted more than 2 million photos on Snapwire’s website that are available for customers to license. Snapwire offers a unique Photo Challenge format in which brands launch creative briefs describing the kinds of images they need and photographers based in 180 countries around the world respond by uploading their best shots. Brands choose the photos that best meet their creative vision and purchase the rights to use submitted photos in various marketing media, social channels, and websites. To date, Snapwire has signed up more than 14,000 photo buyers, including major brands, advertising agencies, small businesses, and bloggers who want authentic, in-the-moment photos to help attract their audiences. Available on iOS, Android, and its website, Snapwire provides an opportunity for anyone who wants to submit photos – from the weekend smartphone photographer to the professional shooter -- a chance to make money doing what he or she loves.
The company recently launched a feature that allows photo buyers to find local photographers who will accept in-person assignments like shooting small businesses, weddings or head shots. In turn, photographers can discover a brand with photo needs in their local area.
“Recent product improvements afford massive companies like Google the ability to get photos from us anywhere in the world that are on brand and match creative direction requirements to specification,” said Newell.
Snapwire has worked closely with Google’s Zagat Survey, which, with Snapwire’s help, has been able to easily discover proven photographers in close proximity to their restaurant listings in major metropolitan and suburban areas. Invited photographers submit photos directly from Snapwire’s mobile apps or its website.
About Snapwire Media, Inc.
Launched in 2014, Snapwire is a platform that connects visionary photographers with businesses, brands, and creatives around the world. The platform gives photo buyers the ability to post localized and creative themed photo requests and photographers either compete to have their photos chosen or get invited to shoot assignments. Additionally, photographers earn points, level up and receive up to 70% of the licensing fee when their photo sells. The company is located in Santa Barbara, CA.
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