A little more than a year after its launch, Canvas Media Studios has raised a major funding round. The production company founded by Bernie Su and David Tochterman has announced a “significant” investment from Third Wave Capital and MNM Partners.
The fresh funding round allows Canvas to link up with Machinima founder Allen Debevoise, who serves as the Managing Partner of Third Wave. Debevoise, who has previously investment in digital video companies like DanceOn, MiTu, and Tubular Labs, now has his on Canvas and its social media-spanning projects.
“Canvas Media Studios, with its unique blend of business and creativity, is well positioned to take advantage of the changing media marketplace,” said Debevoise in a press release. “Bernie and David are a great team with a long and successful track record and a very clear vision for the future.”
Canvas is known for producing “transmedia” productions that span YouTube, Twitter, Tumblr, and other social platforms. Su is well known for that sort of storytelling style; before launching Canvas, he created transmedia adaptations of classic literature alongside Pemberley Digital. With the new money it has raised, Canvas will create several new programs to add to its library. The studio’s initial projects have included Vanity for StyleHaul and Socio for Astronauts Wanted.
In addition to announcing its funding round, Canvas has also spread the word of a new hire: It has scooped up Tracy Aftergood as its Vice President of Development. Previous, Aftergood worked at MediaWeaver Entertainment, where she produced Megan Nicole vehicle Summer Forever.
Financial terms of Third Wave and MNM’s investment in Canvas were not disclosed.