Arlington stock media company acquired by Boston firm
Storyblocks bought by Great Hill Partners
Arlington-based stock media company Storyblocks will be acquired by Boston-based private equity firm Great Hill Partners, the companies announced Thursday.
A transaction amount was not disclosed.
“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,” Storyblocks CEO TJ Leonard said in a statement. “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.”
According to a statement released Thursday, Storyblocks has seen digital content downloads double since the start of 2020, despite the pandemic. “More than ever, today’s storytellers are demanding flexible content resources and tools to keep up with the demands of their audiences,” the statement says.
“Flexible, affordable, high-quality content has become a prerequisite for individuals and creative teams looking to leverage social media and video platforms,” Great Hill Managing Partner Michael Kumin said in a statement. “Storyblocks is uniquely positioned as a dynamic category leader to serve creatives as the industry continues to evolve.”
Great Hill Partners has previously invested in other startup companies, including e-commerce company Wayfair Inc., online luxury consignment company The RealReal Inc., apparel company Bombas and Fairfax-based online apparel retailer Custom Ink. Since its inception, Great Hill has raised almost $8 billion in commitments and invested in more than 75 companies.
Founded in 2009 by Joel Holland, Storyblocks started with funding from Updata Partners and QED Investors. North Atlantic Capital invested in the company in 2015.