JibJab, among the very first companies that let individuals insert selfies into videos, gifs and e-cards, has actually been obtained by Catapult Capital. The Los Angeles-based personal equity company announced the offer today, but did not divulge financial terms. A part of financing was supplied by financial investment firm Cloud Capital.
According to Catapult Capital’s website, it concentrates on middle-market transactions, targeting internet, customer and tech companies that are rewarding, or nearing success, and past the venture stage. The company’s investment size is usually $10 million to $100 million and it deals with portfolio business to “establish a China angle,” consisting of new revenue channels. JibJab COO Paul Hanges was promoted to CEO after the acquisition.
Established in 1999 by siblings Evan and Gregg Spiridellis after they saw “an animated dancing doodie streaming over a 56 K modem,” JibJab’s big break came throughout the 2004 presidential project, when its satirical “This Land” acquired more than 80 million views. 2 years later, JibJab introduced JokeBox, permitting users to publish their own videos, pictures, audios and text jokes. In 2012, JibJab branched into children’s entertainment with StoryBots, which is now part of independent production company StoryBots Inc. and known for the popular Netflix series “Ask the StoryBots.” According to Crunchbase, JibJab raised an overall of $179 million, including its last round, a $ 7.5 million Series C announced in 2009
JibJab’s present products consist of an app that (similar to JokeBox) lets users turn selfies into e-cards, music videos and gifs, however of course it is now one of numerous apps in a really crowded market, contending to insert your similarity into Bitmojis, Memojis, filters and other content.
Gary Hsueh, establishing partner of Catapult Capital, said in a press statement that “JibJab has developed an effective business through a mix of product innovation, premium material, and entrepreneurial spirit. With the addition of our product, functional, and distribution resources to support the business’s evolution, we mean to accelerate JibJab’s new development phase. We anticipate dealing with Paul, our co-investors, and the JibJab group to continue growing the company and broadening into brand-new markets and formats.”