EXCLUSIVE: Legion M, a fan-driven film production and distribution outfit behind films like SXSW audience award winner My Dead Friend Zoe , has just raised $5 million from 15,000 individual investors.
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It is the company’s largest fundraising round, both in terms of the number of investors and the amount raised, and is slated to close on October 11. The influx of investors brings the company’s total count to almost 50,000.
The news comes a day after a wildly successful Kickstarter campaign for fall title The Apprentice offered yet more evidence that newer models of film financing appear to be increasingly viable.
Legion M, whose slate also includes the upcoming film The Man in the White Van , which stars Sean Astin, Ali Larter, Madison Wolfe and Brec Bassinger, lets audiences get directly involved in the creation of content and own a financial stake in it. Investors become shareholders in the company and can also invest directly in individual projects, earning a percentage of the profits from the films they support. The company says its model empowers both fans and creators, in turn promoting independent storytelling and greater creative freedom.
“The closing of Round 9 represents a huge milestone for Legion M,” said Jeff Annison, co-founder and President of Legion M. “When we founded the company, Legion M was just an idea – we had no money, no infrastructure, no community and no track record in film production. Over the past 8 years we’ve grown Legion M into an award-winning movie studio with a demonstrated ability to finance, produce and distribute critically acclaimed films. What we’re doing has never been done before, but as we close our biggest round ever, we believe more than ever that Legion M has the power to change the world.
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Legion M has grown from startup to full-fledged studio financing and producing its own films. Earlier this year, the company distributed the documentary William Shatner: You Can Call Me Bill . After receiving largely positive reviews from critics, the film grossed $480,000 in a limited theatrical run before moving into VOD and other windows.
Upcoming Legion M projects include Defiant: The Robert Smalls Story , a film in development inspired by a fan-generated meme in Legion M’s Facebook community. The project has evolved into a graphic novel and continues on track to become a feature film, with screenwriter Rob Edwards, known for his work on Oscar-nominated films The Princess and the Frog , Treasure Planet) attached. Producers of the project include Marvin “Krondon” Jones III ( Spider-Man: Into the Spider-Verse ) and Bill Duke ( Predator ).
“As Legion M continues to grow, so do the opportunities for filmmakers and storytellers to create content that resonates with audiences around the world,” said Paul Scanlan, CEO and co-founder of Legion M. “Our investors are at the heart of everything we do, and this latest round of funding will enable us to continue pushing boundaries, exploring new frontiers in entertainment and delivering high-quality content that fans crave.”
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