BondIt said on Thursday that the facility will leverage its ability to provide financing solutions to the ever-growing number of films, TV series, and media companies in the sector.
In the four years since inception, BondIt Media Capital has provided debt financing to more than 230 feature films and TV shows, resulting in more than $200 million of production spending. Recent BondIt-financed projects include Netflix’s “To the Bone,” starring Lily Collins; “Driven,” with Jason Sudeikis, and the Oscar-nominated animated film “Loving Vincent.”
The deal was structured by BondIt chief financial officer Patrick DePeters, Revere Capital’s Ed Wu and Brian O’Flanagan, and Mark Parsa from Brooklyn Park Asset Management.
“Securing institutional capital to fortify our financing capacity has long been a focus for BondIt’s management team, as the certainty it brings enables BondIt to lead the way as a reliable financing partner for producers, projects, and media companies alike in this ever-changing landscape,” said BondIt co-founder and CEO Matthew Helderman.
“With this larger credit capacity, we are doubling down on our commitment to service this incredibly dynamic market, which has been oft misunderstood, and in some cases misserved, by traditional financial institutions,” he added.
BondIt tries to set itself apart from other financiers in the industry by focusing on a suite of financial products and services that are intended to serve producers and their projects at multiple junctures, regardless of budget size or project profile. Variety exclusively reported in 2017 that BondIt had raised its Series A financing from Canadian public company and alternative financier Accord Financial Corporation.
BondIt also recently bought a strategic acquisition stake in ABS Entertainment Payroll, distinguishing BondIt from other financiers. To date, BondIt has raised more than $28 million in permanent capital from institutional capital providers.
Brian O’Flanagan of Revere Capital said, “From our first conversation with the BondIt management team, it was abundantly clear to us that the company which they’ve built offered a unique value proposition relative to the landscape of other specialized financing companies within which we consider investments, not just within the digital content field, but broadly speaking across a number of different asset classes. We look forward to continuing to help scale BondIt’s growth trajectory.”