First ever private movie investment fund launched
A film development and production company has launched the first private film investment fund in Estonia, announced to coincide with this year's Tallinn Black Nights Film Festival's (PÖFF) film festival.
The fund, dubbed the Tallifornia Film Fund, will make at least 15 equity investments in Estonian and foreign film projects over the next four years, spokespeople said on Tuesday.
As such it will help to bolster the often under-funded Estonian film sector, and is privately financed.
The fund is designed to work alongside existing public funding, tax credit and local film funding schemes and supplement them by adding an additional equity investment component to the mix, BNS reports, and enables experienced filmmakers to supplement publicly funded film projects with equity financing as well as a means for young and up-and-coming filmmakers to get financing for their debut movie.
Rain Rannu (pictured), fund partner and both filmmaker and entrepreneur, said: "We finance ambitions and creatively interesting film projects that have a potential to reach wider than their home country," adding that in year one the fund expects to invest in three to five projects, from €50,000 to €200,000 per project.
Three movies have already been earmarked for funding: U.K.-Estonian-German co-production "Sentinel," from Oscar-nominated director Tanel Toom, Estonian-Latvian- Germany-Finland-Greece co-production "Invisible Fight" by writer-director Rainer Sarnet, and "Infinite Summer," a film by Spanish-Estonian director Miguel Llanso.
The fund is open to projects both from inside Estonia and elsewhere, BNS rports.
Payment services company Fortumo is one of the co-founding bodies and venture capital fund Superangel is a partner, while Tonu Hiielaid is Tallifornia co-founder and producer.
Investors include Linnar Viik, Marek Kiisa, Mart Lume, Veljo Otsason and Indrek Kasela, while the roster is expected to grow.
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Editor: Andrew Whyte