Several months ago we spotlighted a soon-to-launch crowdfunding company that sought to bring crowdfunding to independent film. That company – Seed & Spark – has launched and now boasts an upcoming film starring Edward Burns among its list of financing projects.
Largely financed by Atlantic Pictures, the film’s working title called Oliver’s Deal and stars Edward Burns (The Brothers McMullen, Sidewalks of New York) as a hedge fund jock working to redeem a $1 billion debt from Peru‘s government. The film also stars Caitlin Fitzgerald (Newlyweds, It’s Complicated) and will be directed by Barney Elliot (True Colours).
The decision by the filmmakers to use a crowdfunding source like Seed & Spark underscores one of the flexible aspects of crowdfunding in general – to be able to raise smaller sums to fill “those little gaps in cash” that film projects can experience during development, said Emily Best, founder of Seed & Spark. Those gaps can make themselves felt in any portion of the filmmaking process – development, production and post production – and Oliver’s Deal shows that projects that have already secured funding will look to the crowd for additional finances.
“They’re going to be the beginning of a trend moving forward,” Best explained. The film begins shooting in May in New York.
Seed & Spark launched in December and works much like other crowdfunding site—the crowd donates funds or loan items, for which the donor can receive a shout-out in the credits or other gifts. Capital is released to the filmmaker once 80% of the desired sum is in place.
Once the film is finished it can be uploaded to the site and viewed for a sum. Filmmakers who have not used Seed&Spark to fund their films will be able to upload their independent films to the site for viewing. In its first 60 days, the company raised about $146,000 in funds and goods for seven different projects.
Seed & Spark raised about $235,000 in seed funding prior to launch and has begun its second round, in which it intends to raise an additional $300K to $500K
Source: Forbes – Karsten Strauss