Anakle Films taps VC funding for Netflix production

Anakle Films, a Nigerian production company, has made a groundbreaking move by tapping into the private equity funding space to produce their latest movie, "The Black Book." This decision is not only paving the way for more stakeholders in the movie production industry to explore this innovative funding model but also sparking conversations about the intersection of creativity and finance. Editi Effiong, the Founder of Anakle Films, recently sat down for an interview to discuss the journey through the capital raise and shed light on the inspiration behind the project. Effiong delved into the unique funding model employed for the movie, highlighting the involvement of notable startup founders as executive producers. He emphasized that these individuals, though widely recognized as successful entrepreneurs, are individuals he has built strong connections with over the years, essentially becoming an extended family of sorts. The fundraising process, which aimed to secure over a million dollars for the movie's budget, required a persuasive pitch to investors. Effiong emphasized the importance of trust and credibility in securing buy-in from investors who believed in his vision. Effiong explained that the strategic approach to the investment included a meticulous analysis of the market, projected returns, and the broader socio-economic impact of the project. One key aspect of the investment strategy was to input funds in the local currency and generate foreign exchange earnings upon the movie's successful release. This dual-pronged approach not only offered financial returns to investors but also contributed to the growth and development of Nigeria's film industry by fostering knowledge transfer and expertise. The establishment of an internal fund at Anakle Films marked a significant milestone in the company's growth trajectory. Effiong disclosed that the initial $1 million commitment to 'The Black Book' was part of a larger $10 million fund that the company is actively raising for future projects. By engaging early investors from the first fund in subsequent ventures, Anakle Films solidified its investor base and credibility within the private equity landscape. Reflecting on the key learnings from the fundraising process, Effiong emphasized the importance of continuous iteration and improvement. Despite facing challenges like production halts during the COVID-19 pandemic, Effiong underscored the value of cost optimization and long-term planning. By adopting a scalable model and streamlining production processes, Anakle Films aims to enhance efficiency and reduce costs in future projects. Effiong's proactive approach to investor communication played a pivotal role in maintaining investor interest and transparency throughout the production cycle. Regular updates and engagement with investors ensured that stakeholders were informed and involved in the decision-making process, fostering a sense of shared ownership and commitment. The conversation shifted towards the broader implications of private equity funding in the creative sector, particularly in the traditionally risk-averse movie industry. Effiong believes that transparency and success stories within the investor community can inspire more investors to consider creative ventures as viable investment opportunities. By showcasing the potential for rapid returns and shorter investment periods compared to traditional sectors, the film industry can attract a new wave of capital and expertise. In discussing the thematic relevance of 'The Black Book,' Effiong emphasized the importance of art reflecting life. He articulated his belief in storytelling as a means of shedding light on societal issues and portraying authentic human experiences. Through films like 'Up North' and 'The Black Book,' Anakle Films aims to challenge conventional narratives and offer audiences a fresh perspective on Nigerian culture and identity. As 'The Black Book' premieres to eager audiences, Effiong looks forward to the audience's reactions and hopes that the film resonates with viewers on a personal and emotional level. The success of this project not only highlights Anakle Films' creative prowess but also sets a new standard for innovative financing models in the African film industry.