Romanian-founded FilmChain, a Fintech company targeting the film industry, has received a new investment round from ROCA X. The round is of undisclosed amount. Since its launch, the startup has raised almost €2M. Previous investors include HearstLab, a VC focused on women-led startups, and SFC Capital and FintechCircle, two companies that developed a €1.8M combined fund focusing on early-stage and seed-stage startups developed by female leaders.
FilmChain’s goal is to use machine learning to reduce human errors in managing money, as well as improve data analytics in the entertainment industry.
This investment will be used to scale their operations in the US and prepare them for a Series A round.
“The film industry is now at a point where content creators are becoming more independent – from the reduction of production costs to the opening of new distribution channels through streaming platforms, technology becomes more agile and decentralized, following the trend of the Creator Economy,” Bogdan Pasca, Investment Manager at ROCA X, shared in the official press release.
FilmChain works as a digital collection agent; its cloud-based platform automatizes funds management in the film market by using the Ethereum blockchain for transparent transactions. They offer producers, investors, public financiers, sales agents, and actors the possibility to monitor the performance of their content in real-time.
The startup was co-founded by Romanians Maria Tanjala and Irina Albita (co-CEOs), in the UK, in 2017. Maria has a background in sociology and filmmaking and has previously worked as a video producer. Irina has a background in management. They have collaborated before, as co-founders of another fintech, called Big Couch.
With FilmChain, their goal is to offer automation, efficiency, and transparency for the digitalization of the entertainment industry shares Maria Tanjala in the press release.
In 2022, they aim to scale FilmChain on the independent market and create new partnerships with global content distributors, adds Irina Albita.
FilmChain manages over 50 independent titles, but also enterprise clients with portfolios of over 500 films and TV shows. Their solution has been used by Eurimages, the German Film Fund, and for Oscar-nominated movies, such as Romanian documentary Colectiv and Animal Kingdom.
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