The UK's Channel 4 (C4) is gearing up for a $33 million (£20 million) investment in the country's production industry. The said growth fund will be invested into local indie firms and will launch in 2014's first quarter, according to C21 Media.
The fund was first brough up by C4 Chief Executive Officer (CEO) David Abraham during the 2013 Cambridge Convention. The fund aims to improve the indie sector of the UK. To do this, C4 will grant small and medium sized production firms have access to funding that will be used for the growth and development of their business, the report detailed.
According to C4, the fund will initially operate for three years. It would help the company generate more commercial return. It would also stimulate growth of the indie industry outside of the usual commissioning cycle, the report explained.
Every investment will not go past 24.9% and the stakes would be held for a maximum of five years. The media firm said all proceeds from the growth fund will be reinvested in the same sector - either through an additional investment or as another funding round, C21 Media reported.
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