Low-budget Simon Pegg starrer “A Fantastic Fear of Everything” is the first pic to receive backing from Pinewood Shepperton Studios’ indie finance initiative, Pinewood Films.

The psycho-comedy, which began lensing at Shepperton on July 6, is also backed by Universal and Indomina Releasing. Budget is below £3 million ($4.9 million).

U will release the pic in Blighty, Germany, Australia, New Zealand and Latin America, while Indomina will release it in the U.S. and handle worldwide sales rights.

Pic is penned by Crispian Mills, former frontman of indie rock band Kula Shaker, and marks his directing debut. Chris Hopewell co-directs while Keel Films’ Geraldine Patten produces.

Pegg plays a crime novelist, whose research into Victorian serial killers has turned him into a paranoid wreck, in fear of being murdered.

Amara Karan (“The Darjeeling Limited”), Clare Higgins (“Hellraiser”), Sheridan Smith (“Hysteria”) and Alan Drake also star.

Pinewood announced it was setting up Pinewood Films in March and pledged to invest up to 20% equity in up to four pics per year, budgeted around $3 million. Pics benefit from access to shoot at Pinewood and Shepperton studios, while the company gains from the take-up of ancillary services.