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U.K. distrib Soda raises $3 mil fund

Company to nab bigger pics, boost campaigns

LONDON — U.K. indie distrib Soda Pictures has set up a £2 million ($3 million) distribution fund, dubbed the Soda Film Fund, to acquire bigger films and boost its release campaigns.

The distrib, which focuses on world and arthouse cinema, has been raising funds from private investors since September and has already acquired Francis Ford Coppola’s “Tetro” and “Coco Chanel and Igor Stravinsky” from Wild Bunch.

The fund aims to pick up six to 10 films over the next year that are in production or post and release them by the end of 2011.

The venture is a partnership between Soda Pictures and Lumiere Film Investments and was headed by Soda’s managing director Eve Gabereau and Lumiere’s founder Nick Crossley.

Gabereau says that a “significant portion” of monies have been raised for the fund, which will close in June and notes that its launch is a “response to the changing landscape of film distribution.”

“There are too many films and distributors on one level and we want to up our game a little bit,” said Gabereau. “We want to spend more on P&A and have an influx of films that will make a bigger impact.”

She adds that there is room in the marketplace for the indie distrib to grow provided it takes “an innovative approach to acquiring, releasing and collaborations.”

Film financier Crossley said: “The Soda Film Fund is a rare opportunity for investors to enter the film distribution market, which is arguably the least risky and most lucrative sector of the film industry. Soda has an enviable track record in independent distribution and the fund offers investors the chance to tap into their talent and experience.”

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