Legion M, the fan-owned entertainment company that has had a hand in such movies as the upcoming Anne Hathaway-Jason Sudeikis pic Colossal and the horror anthology Field Guide to Evil, has been approved by the SEC to begin a Regulation A+ round of equity crowdfunding. The qualification allows companies to raise funds in the eight-figure range from non-accredited investors.
Launched last year at Silicon Valley Comic Con and created out of the 2012 JOBS Act (Jumpstart Our Business Startups), Legion M allows fans to to invest in, and be part of, the creation of movies, TV shows and other entertainment projects and to profit from their successes. It was co-founded by Paul Scanlan and Jeff Annison, the duo behind MobiTV. The company launched by completing a sold-out Regulation CF offering that made more than 3,100 fans shareholders.
Its slate of projects since includes Colossal, on which it has a presentation credit after it came aboard the Nacho Vigalondo-helmed pic during postproduction. It also has exec producer credits on Field Guide to Evil, produced by Alamo Drafthouse CEO Tim League and Ant Timpson; Icons: Face to Face, a VR interview series; and Pitch Elevator, a digital TV series that offers fans the opportunity to win a film or TV development deal.
In the new funding round, the opening share price is $7.47 with a minimum raise of $500,000; the minimum investment is $100.
“We could not be prouder of the rapid progress we’ve made this past year, supported by our passionate legion of shareholders,” said Scanlan. “Our energized and engaged shareholders are what sets us apart and enables us to be a disruptive force in the entertainment industry. As we launch our next round of funding, we’re excited to join forces with new fans and expand on our exciting slate of projects.”
Added Annison: “This is a historic moment for fans. Before the JOBS Act, this is the sort of opportunity that was only available for wealthiest few percent of the population. After a sold-out round last year, we’ve seen first-hand the power of a fan-owned company. Now we’re excited to open the gates of Hollywood and welcome a new round of investors as co-owners of the world’s first fan-owned entertainment company.”