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Two filmmakers are sitting tight while equity crowdfunding platform Uprise.Africa conducts due diligence on investment offers from four investors to fund My Name is Reeva, a new documentary series on the life of Reeva Steenkamp, who was murdered in 2013 by athlete Oscar Pistorius.
Warren Batchelor, the film’s director and co-producer and Tony Miguel, the film’s co-producer last month launched an equity crowdfunding campaign on the platform to raise R40-million in return for a 50% stake in the film (see this story).
The platform had opened the campaign to private funders and was due to open it to the public just days thereafter.
However, Uprise.Africa CEO Tabassum Qadir told Ventureburn earlier this week that there might not be a need to do so, after the filmmakers netted a large sum of money from the four private investors.
Filmmakers last month launched a bid to raise R40m in an equity crowdfunding campaign to produce a documentary series on Reeva Steenkamp
Qadir would not reveal to Ventureburn how much the four had put in. She said the filmmakers would now have to wait about two weeks while Uprise.Africa performed a due diligence on the proposed offers. Thereafter the platform would avail the best possible options to the producers.
This included ensuring that the money has come from legitimate and legal sources, she explained when questioned further by Ventureburn.
Following this, the producers have the option to either accept the offer or open the project for crowd investors.
She said one of the investors, who cannot be named at this stage, is a well-known distributor of premium content across the globe.
Performance bond for film
Meanwhile in a statement earlier this week, Uprise.Africa announced the approval for a performance bond from a well-known insurance provider.
A performance completion bond is a written contract that guarantees a motion picture will be finished and delivered on schedule and within budget.
Guarantees are very popular across the world for various reasons and it’s in some of these reasons that most series and feature films opt for a completion bond.