Movision’s 2nd round of funding

Co-founder converting prod'n shingle into mini studio

Movision, one of the most aggressive equity funds, has triggered $100 million worth of production in the past year and the fund’s second incarnation already has co-financed two films.

Movision co-founder Michael Cowan is using this coin in his quest to parlay his production shingle Spice Factory into a mini-Euro studio that is co-producing films with Lux Video in Italy and plans to enter Spain and Germany.

Movision 1 raised £26 million ($41.6 million), Cowan plans to launch another equity fund in September that won’t have any tax element but will seek to hedge investors’ funds.

The first films from Movision 2 are “Possession,” helmed by Peter Flinth, based on a novel by Peter James, budgeted at $15 million; and “Puppy Love,” an $8 million family pic directed by David Devin. Both are due to shoot in Canada midyear.

Cowan says Jennifer Tilly has been inked to topline “Puppy.”

Movision 2 has raised $35 million toward its target of $80 million.

Among Movision’s shareholders are author-producer James.Cowan says the coin from Movision is supplemented with moolah from co-producers and in some cases gap financing from banks.

Launched 3½ years ago, Spice Factory has produced 37 films. Foreign rights to most of its pics are handled by Gary Hamilton’s Arclight Films, in which Spice Factory has a 15% stake.

James says, “Our target for the following 12 months is $500 million of production.”

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