UK-based FilmChain, co-founded by Maria Tanjala and Irina Albita, has secured a €2.8 million investment. This financial milestone was achieved through a round led by the Holt IntersXion fund, with support from Roca X, DeBa Ventures, TechAngels Romania, and returning investor HearstLab. The investment, which also converts previous notes, signals a robust vote of confidence in FilmChain, currently dealing with over-subscription demand.
“We are honoured to have attracted an exceptional group of investors to our capital table, encompassing seasoned fintech specialists, successful entrepreneurs, and distinguished professionals from entertainment,” expressed Maria Tanjala, co-founder of FilmChain. “As we forge ahead in our quest to revolutionise global payments and expedite cash flow, we are excited to broaden our suite of products and harness cutting-edge technologies. Our strategic expansion into North America represents a natural progression for FilmChain.”
Addressing the challenges of delayed settlements and opaque financial processes in the entertainment industry, FilmChain introduces a groundbreaking payment platform that ensures immediate access to detailed financial reports and analytics. With its cutting-edge solution, FilmChain is transforming the landscape of collection services, offering real-time payments and on-demand reporting capabilities. With established momentum in the UK, Europe, and Australia, with over 1900 clients, FilmChain is poised for expansion in North America.
“In an era where transparency and immediate access to funds are paramount for filmmakers, talent, financiers, and sales agents, FilmChain stands as a beacon of innovation,” said Irina Albita, co-founder of FilmChain. “Our payment infrastructure is meticulously crafted to cater to the critical needs of these stakeholders. With the infusion of fresh capital, we are poised to empower a new wave of filmmakers across North America.”
At the core of its technological advancement, FilmChain utilises financial technology with its own architecture and fintech APIs, and a private Ethereum blockchain, enhancing the transparency and auditability of transactions. This strategic integration instils a higher level of trust and accountability in the intricate financials of film, television, and gaming industries. The blockchain tracks ownership in an architecture that enables future secondary sales in asset management.
In 2023, FilmChain embarked on a strategic partnership with the German Producers Association (Produzentenverband), launching a bespoke reporting platform. This innovative solution empowers producers to track and report on critical metrics like revenue and audience data directly to content creators. As a natural extension of their Collection Account Management (CAM) service, FilmChain collaborated with the German Producers Association to ensure the platform was thoroughly aligned with the unique demands of the industry.
Now operational in Germany, the bespoke platform is not only revolutionising how producers and creators interact with data but is set to extend its transformative impact across additional European territories. This expansion signifies FilmChain’s commitment to enhancing transparency and efficiency in the entertainment industry, marking a significant leap forward in its mission to redefine the standards of financial reporting and analytics in the creative sector.
“We see a particular under-the-radar moment to invest in the intersection of fintech and the sports, media & entertainment sectors. FilmChain’s fintech infrastructure alongside its blockchain technology ensures that every dollar of revenue generated is equitably distributed among stakeholders and royalties management is executed with unambiguous precision, driving more efficient, transparent, and secure financial operations in the management of film revenues,” added Brendan Holt Dunn, GP HOLT IntersXion Fund, CEO Holdun Family Office.
Read the orginal article: https://www.eu-startups.com/2024/04/london-based-filmchain-raises-e2-8-million-to-bring-automation-to-payments-in-film-and-tv/
