Blockchain: $ 1.3M raised by Indy Filmakers

Blockchain: $ 1.3M raised by Indy Filmakers

As part of a broader strategy of keeping total control of all aspects of the project, from fundraising to distribution, the independent filmmakers behind “Mad Heidi,” Swissploitation Films, created blockchain-based financing platform Mad Invest.

In order to raise CHF 2 million ($2.2 million), the plan is to sell 4,000 shares in the film for CHF 500 (about $550). Also, created by U.K.-based fintech FilmChain, which will act as collection and payment agent. As revenues come in, they will be placed in a collection account and automatically distributed to investors via those smart contracts, each Mad Invest share is recorded as an Ethereum-based smart contract on a blockchain created by U.K.-based fintech FilmChain, which will act as collection and payment agent.

“With smart contracts and blockchain technology, investments are securely registered and payouts are allocated to the right Mad Investor transparently and in real time,” the filmmakers said. “This eliminates time-consuming administrative work and investors can be sure that their participation will be billed correctly.”

A dashboard will let each investor track progress towards recouping their investment as well as any revenue earned.

 

 

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