Storyblocks Announces Acquisition By Great Hill Partners
Access to Additional Funding Will Fuel Storyblocks’ Growth and Innovation as Demand Surges for Modern and Flexible Creative Tools
ARLINGTON, VA. — June 24, 2020 — Storyblocks, the first and largest subscription-based stock media company, has entered into an agreement to be acquired by Great Hill Partners, a leading growth-oriented private equity firm. Great Hill has actively invested across the digital commerce landscape for nearly twenty years, backing innovative companies including Wayfair, The RealReal, Bombas and Custom Ink. This partnership will allow Storyblocks to accelerate its mission of modernizing the creative process to better support affordable, efficient video creation and to extend its current capabilities and product offerings.
The creative industry has hit an inflection point, with the recent pandemic only accelerating growth. Storyblocks has seen downloads of digital content more than double since the start of 2020. More than ever, today’s storytellers are demanding flexible content resources and tools to keep up with the demands of their audiences. Additional access to capital will allow Storyblocks to expand its industry-leading library of affordable, flexible and easy to use digital content, while adding new tools to help anyone from professional creators to everyday consumers create and collaborate on high-quality video projects without restrictions.
“We have seen dramatic changes to workflows for customers ranging from freelancers to small businesses to major production studios in recent years as they adapt to an ever-increasing demand for high-quality video content. We are excited to partner with the Great Hill team because we share the belief that creatives are hungry for a new model to meet these new needs,” said TJ Leonard, CEO, Storyblocks.
“Flexible, affordable, high-quality content has become a prerequisite for individuals and creative teams looking to leverage social media and video platforms. Storyblocks is uniquely positioned as a dynamic category leader to serve creatives as the industry continues to evolve,” said Michael Kumin, Managing Partner at Great Hill.
Peter Garran, Partner at Great Hill added, “We are excited that this partnership will enable Storyblocks to reshape the creative landscape, ultimately empowering anyone to create high-quality video for their business.”
As a testament to its culture of creativity and innovation, Storyblocks has been recognized on the Inc 5000 list seven consecutive years and was recently named as one of Washington D.C.’s Top Workplaces by The Washington Post, and among the Best Places to Work by the Washington Business Journal.
Storyblocks was founded in 2009 by Joel Holland, and its early growth was spurred by funding from Updata Partners and QED Investors, with North Atlantic Capital providing additional investment in 2015.
Lightning Partners served as the exclusive financial advisor to Storyblocks while GCA Advisors served as the exclusive financial advisor to Great Hill Partners.