Vision+Media has invested over £500,000 into the creative and digital industries through its latest round of the Regional Attraction Fund (RAF).
The RAF, delivered in partnership with the Northwest Development Agency, is designed to encourage and promote the development and growth of companies within the TV, film, games, interactive and digital content sectors.
A total of £537,695 has been provided to small and medium sized companies to stimulate growth through developing new products, skills and business models.
Since the RAF was established over 5 years ago, Vision+Media has assisted 211 companies and helped to create 225 jobs through the fund. In 2009 alone, a total of over £900,000 of finance was received by local companies, which was matched by private investment and backed up with high quality advice and mentoring.
Paul Taylor, Director of Business Delivery at Vision+Media, commented: “Investment in development is essential for all businesses if they want to grow, but difficult for many to finance, particularly at this scale. It is often considered too risky for bank debt but too small for equity. The aim of this funding is to stimulate growth in the sector so that our creative and digital businesses can take full advantage of the significant opportunities regionally with MediaCityUK, nationally and globally."
Peter Mearns, Executive Director of Marketing and Communications for the NWDA, said: “By supporting business and product development, the RAF enables growth and provides a boost to the regional economy. It supports job creation for creative professionals in the North West and reinforces the region's reputation as one of the most attractive locations in the UK for aspiring new talent."
The following companies received finance through RAF in it's latest round last year:
- Multimedia company T3D was provided with £50,000, enabling it to invest in a 3D virtual learning prototype to deliver exciting learning environments for schools.
- £40,000 was provided to Jellylegs Productions Ltd, the production company owned by Craig Cash and Phil Mealey, co-writers of ‘The Royle Family’ and ‘Sunshine’. The funds will be used to appoint a Head of Development to discover new talent and develop new ideas for Jellylegs.
- Studio Liddell, which specialises in 3D animation, interactive content, design and Illustration received £40,000. The business is looking to make the transition into games development and the funds will be used to help create a Wii game prototype for one of the two IP’s they are developing for the platform.
- £30,000 has been provided to digital design and virtual world agency Corporation Pop. The money will be used to employ a Head of Digital to manage the new high value clients landed through the company’s last RAF investment earlier this year.
- BOX, a production company specialising in animation, motion graphics and postproduction, will use its £30,000 of funding to invest in online business development.
- Television company Platform Productions, which produces documentaries for the BBC and Channel 4, will use £25,000 of funding to support the creation of a development unit.
- £25,000 went to to TV production company Nine Lives Media. The company secured funds through RAF earlier this year to support a development unit for six months - this additional funding will continue to support the unit through a second 6 month period.
- Prestwich-based games company Dou Yi Dou received £24,795, which will be used to invest into developing a digital prototype of a Chinese scrabble game.
- £20,000 was invested in Influential Media. Originally established to produce music videos, the business has recently expanded into television production. The funding will enable the company to produce ‘DNA Detectives’, a broadcast pilot for a series that tells the stories of crimes solved using modern technology.
- Scarlet Television, which produces factual and factual entertainment programmes for major broadcasters including the BBC, ITV and Channel Five, received £15,000, which will be used to develop a format for the international market.
- £14,000 went to production and distribution outfit Urban Canyons to produce a full HD pilot for the second series of ‘URBANATION’, a TV series focussed on urban youth culture.
- Production company The Gate Films received £10,000 to create a development team for Gatelab, an interactive website for creative agencies to develop ideas for film and TV.
- The Mob Film Company, which produces commercials, documentaries and films and was behind the recent adaptations of Terry Pratchett's ‘The Hogfather’ and ‘The Colour of Magic’ has received £10,000. This will be used to support the appointment of a new edit assistant within the company’s expanding commercials department.
- Video games company Citrus Suite benefited from £50,000 of funding, used to invest into a new Nintendo Wiiware download game.
- Liverpool-based Catalyst Outsourcing, a games production service company, received £40,000. The money was used to hire a new producer and invest in asset management software.
- Digital art production studio Milky Tea received investment of £24,900 to invest into a new flash game demo.
- Warrington-based production company Carbon Digital Ltd benefited from £34,000 of funding, which will enable the firm to recruit a freelance artist and invest in a mentor to develop a marketing strategy.
- London-based production company Glasshead Ltd received investment of £30,000 to set up offices in Altrincham. The business produces television and multiplatform content including documentaries, children’s drama and animation. The new office will give Glasshead a base from which to take advantage of the opportunities presented by the BBC move North, particularly around interactive and animation.
- K2 Media, which specialises in mobile entertainment applications, received £25,000 which will be used to develop two of its mobile brands into websites.
