The European Investment Fund (EIF) is investing up to €25 million in PYXIS Entertainment Ventures’ European Movie Boost Up Fund to finance the development and production of European film and animation projects.
The EIF — part of the European Investment Bank Group — said in a release on Monday it would act as the fund’s anchor investor, with the agreement signed on the margins of the San Sebastián International Film Festival.
PYXIS Entertainment Ventures is targeting total commitments of €85 million for the fund.
The investment is backed by MediaInvest, which the EIF described as part of the EU’s InvestEU programme, and is intended to provide equity financing to European film producers and animation studios during development and production.
The fund will focus in particular on projects moving from development to full-scale production.
Backed by InvestEU and MediaInvest
The EIF said the investment is designed to help European producers retain ownership of intellectual property — such as rights in film and characters — while accessing financing.
“Europe is home to extraordinary creative talent, but too often creators and producers lack access to financing that enables them to compete and retain ownership of their intellectual property,” EIF Chief Investment Officer Marco Marrone said.
PYXIS Entertainment Ventures’ co-CEOs and managing partners, Jean-Jacques Neira and Frédéric Le Borne, said securing the EIF as anchor investor would support its efforts to reach a €55 million “first closing” threshold for the fund.
