Letterboxd valued at over $50M in acquisition by Canadian investor

Letterboxd, a popular social service for movie lovers, has been acquired by a Canadian company based in Victoria, BC.

According to a press release, Tiny, a venture capital firm on Vancouver Island, has given the movie platform a valuation between $50 million and $60 million, and it now owns a 60% majority stake in the website.

If you’re new to Letterboxd, its website best describes the service.

“We’ve been described as ‘like GoodReads for movies.'”

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Fans of Letterboxd shouldn’t have any reason to fear the acquisition, as the press release suggests that the founders of the popular movie site “will continue to lead the business independently,” while using the partnership with Tiny to “accelerate the platform’s growth.”

According to Tiny, Letterboxd is in the top 1,500 websites globally, with over 10 million members in over 200 countries. This is a considerable boost compared to 2021 when it had 4.1 million members and 1.8 million in 2020.

In response to the acquisition, the founders of the platform, Matthew Buchanan and Karl von Randow, have expressed excitement about the future.

“Teaming up with Tiny represents a big leap forward for us,” they said.

“We are excited to team up with Tiny to write the next acts of this screenplay.”

“We’d waited (and waited) for someone else to build what we wanted. And then an idea occurred…”

Letterboxd’s co-founder Matthew Buchanan (@Mrb) charts the journey with @avon from inception to today’s Tiny announcement. https://t.co/KJEbPrGG3y

— Letterboxd (@letterboxd) September 29, 2023