Legion M, the fan-owned entertainment company, announced its seventh round of fundraising and said it plans to allocate cash to COVID-19 affected businesses as a rewards program for investors.
Partner companies that will benefit include Alamo Drafthouse, Entertainment Earth and International Screenwriters’ Association. The re-allocated funds would have typically been spent on digital advertising over six weeks.
Legion M, launched in 2016, said it has raised $10 million from more than 25,000 investors — individuals who are interested in crowdfunding entertainment. Upcoming projects it’s involved with include Archenemy starring Joe Manganiello, alien sci-fi comedy Save Yourselves! and Girl With No Name (in development). The company uses equity crowdfunding laws enabled by the 2012 federal Jumpstart Our Business Startups (JOBS) Act.
“As the nation begins to emerge from months of quarantine, it is so important for us to give back to our friends and allies in the entertainment community who need it most during these challenging times,” said Paul Scanlan, Legion M’s co-founder and CEO. “We are thrilled to be implementing this new marketing model that shifts funds away from advertising and into the community, benefiting both our fans who receive the rewards and the industry at large.”
“We love the Legion M community and are proud to be both early supporters and members,” said Alamo Drafthouse CEO Tim League. “We greatly appreciate their support during these weird times.”
Legion M invested in or helped produce Anne Hathaway-starring Colossal, Kevin Smith’s Jay and Silent Bob Reboot, the 2019 Sundance documentary Memory: The Origins of Alien, and the 2018 revenge thriller Mandy with Nicolas Cage.
The company’s investors help select, fund, and support projects and are given exclusive access as film, TV and virtual reality projects are developed and distributed. In this seventh round, the International Screenwriters’ Association is also offering six month and twelve month ISAConnect memberships for the $200 and $500 investment levels. The minimum investment is $100.