US-based multi-platform media production company Macro raised $150m in combined equity and debt financing yesterday from investors including entertainment company MNM Creative and business development firm Medialink.
The round also featured impact investment firms Ford Foundation, WK Kellogg Foundation and Libra Foundation, as well as venture capital fund Emerson Collective, assorted angel investors and undisclosed strategic backers.
The credit facility was arranged by financial services firm Bank of America Merrill Lynch, though Macro did not reveal individual figures for the debt and equity portions of the round.
Founded in 2015, Macro produces and finances digital series, television shows and films that target a multicultural market and seek to offer a more accurate portrayal of people of colour.
The studio’s first feature-length project, Fences, was nominated for four Academy Awards in 2017 and led to Viola Davis winning the Award for Best Supporting Actress.
The cash injection will support the production of four to six TV and film projects per year, though Macro did not say how long it expects the capital to last. MNM Creative, MediaLink, Emerson Collective and assorted angel investors supplied an eight-figure sum for the company in 2015.
Charles King, founder and chief executive of Macro, said: “With Macro going into its third year, we have seen the initial seeds we planted come to fruition both commercially and critically.
“Our success is proof that our slate is striking a chord with audiences globally. This round of financing provides the capital necessary to build a robust slate of content that authentically represents the multi-faceted spectrum of our communities.”