The European Investment Fund (EIF) has invested €25 million in Together, a new French fund managed by Axio Capital that aims to back European independent production companies.
Together has so far raised €58m in total funding, including the €25m from the EIF’s MediaInvest programme, as well as private and public investors. It aims to raise €100m in total.
Led by Alexandra Lebret and Antoine Bodet, Together will invest in European production companies as a minority shareholder, allowing producers to retain control over their businesses. It will focus primarily on scripted content producers.
The fund is designed to help independent production companies scale and strengthen their market presence while maintaining their independence.
The EIF said its goal of investing in Together is to boost investments in an audiovisual sector that has traditionally faced market obstacles to financing and to offer institutional investors access to media content asset investments through standard fund structures.
The transaction comes under the European Commission´s initiative known as the InvestEU MediaInvest equity investment instrument. It aims to mobilise private investors and support total investments in Europe’s audiovisual sector of €400m over the period 2022-2027.
"By supporting Together, we are enabling European producers to keep offering high-quality content to a global audience, thereby strengthening Europe's cultural and creative industries”, said European Investment Bank Group Vice-President Ambroise Fayolle.
Marjut Falkstedt, EIF Chief Executive, added: “Europe's cultural and creative sectors play an important role in our identity, the cultural backbone of our societies, and our creative prowess. At the same time, they have a strong business and economic dimension as well. That’s why this investment, backed by the InvestEU's MediaInvest programme, is so important. Cultural actors often face significant difficulties in accessing finance, but the use of equity investments by the EU is changing that, contributing to the development of a stronger European content market.”
"Together is built on a fundamental principle: the producer is the talent,” said Lebret. “They are the driving force that brings together other creative talents. The fund will invest in these producers, providing the financial backing necessary for them to implement a sustainable growth strategy for their companies."
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