Kibo Ventures Invests $1 Million in Visualnet.com

Kibo Ventures, a venture capital fund backed by telecommunications company Telefonica, has invested $1 million in Visualnet.com, an online directory for the film and television production community.

our editor recommends

Spain’s Telefonica Continues Asset Sell-Off

Visualnet.com boasts a directory of 70,000 vendors, 20,000 producers and 20,000 crew members. Its Visualbids service allows users to bid on production services and equipment.

Visualnet said Sony and other major studios have used its services, but it would not reveal film or TV titles. Its services also are used in the production of TV commercials, it said.

PHOTOS: Backstage at the Oscars

The company is set to announce Thursday the news about Kibo, which becomes Visualnet.com’s first institutional investor, said founder and CEO Enrique Irazoqui.

"Visualnet's marketplace helps producers find all the resources they need in a more efficient way. Our bidding system delivers this and is our differentiator for the global production industry," he said.

“Enrique and the Visualnet team have built a much-needed technology and are bringing significant innovation to a rapidly expanding global industry,” said Kibo managing partner Javier Torremocha.