UK specialist factual indie Midnight Oil Pictures is one of several firms sharing £2m (US$2.43m) in equity and distribution deals following its involvement in the Indielab programme.
The firm was one of 16 involved in the inaugural Indielab scheme last year, and was invited to pitch to a series of financial investors and VC funds.
As a result, entrepreneur and investor Richard Green has signed up to help fuel the company’s growth and boost its development team.
Green has previously overseen a number of corporate mergers and acquisitions, having held roles at Compact Media and 2entertain during a 30-year career. He will take a minority stake in Midnight Oil and join the board of directors following his investment.
Founded by Gillane Seaborne, Midnight Oil specialises in factual programming across history, arts and travel. Current projects include a Second World War series for Discovery’s American Heroes Channel in the US and documentary series Poldark Revealed for the BBC and PBS.
Producer Victoria Powell started Indielab last year with backing from the Mayor of London, the London Enterprise Panel and Creative Skillset. Midnight Oil, Talesmith and three other indies are all sharing in the initial windfalls of the project.
It has returned for 2017 with an expanded remit to work with UK firms based outside London. Another 15 prodcos are being sought for the scheme and applications must be in by February 7.
To be eligible, indies must be registered in the UK with less than £5m (US$6.23m) in annual revenue. They must have at least two broadcast credits within the last three years and be a minimum of 80% independent. Indies backed or owned by broadcasters do not qualify.