First Feature Film In Equity Based Crowdfund Success
Supernatural thriller, The Sleeping Room, has become the first feature film to raise funds through equity based crowdfunding. Using the UK based platform Seedrs, Sleeping Room has succeed within 10 days in raising £10,000 from 37 investors in over six countries. The funds will go towards the film's completion. The success of Sleeping Room's crowdfunding efforts once again is an indicator of how the UK is leading the way in the continued growth of equity based crowdfunding as an alternative source of finance.
The Sleeping Room is production company Movie Mogul's second film following the success of their debut production Panic Button. The use of crowdfunding as a means to finance their ventures is in keeping with their mission to maximise the emergence of the ever changing digital landscape through Web 2.0 in the development of innovative cinematic projects. The history making funding success of The Sleeping Room also mirrors the continued trend setting efforts of the crowdfunding platform Seedrs. Since it was launched in 2012, Seedrs has grown exponentially as an enterprise breaking ground along the way as a founding member of the UK Crowdfunding Association as well as playing host to the first local authority to invest in a business, and even succeeding in self funding efforts securing £2.58 million for expansion into Europe.
Set in present day Brighton, The Sleeping Room has been billed as a creepy tale of Victorian revenge. The crowdfunding campaign through Seedrs sought to raise £10,000 representing a total stake in the project of 4.19%. Within ten days Sleeping Room not only reached the funding target but has exceeded with more investments being recorded.
The success of the campaign clearly demonstrates the emergence of an alternative funding route for indie producers to break down existing barriers in seeking out private investors, by connecting us directly to individuals who clearly have a desire to invest money into producing original films. - Gareth Davies, Producer Movie Moguls
The success of The Sleeping Room is another example of how the UK has embraced equity-based crowdfunding as a viable investment route, creating greater and even safer investment opportunities for businesses and ventures.