Investors switched on to Birmingham television company’s growth plan
A BIRMINGHAM-based television company has secured additional funding to help support its continued growth.
Formatzone specialises in fast-tracking production, broadcast and distribution of TV formats.
Helping to bring UK creations including Robot Wars, Paradise Hotel and Supernanny to US screens, the company works in partnership with leading national and international creative talent.
It has secured backing from Ascension Ventures through its ASCEND SEIS Fund II.
Other investors in Formatzone’s £400,000 package include institutional investor Finance Birmingham (on behalf of Birmingham City Council) and Midven EALP. Formatzone has also secured partnership agreements with Birmingham City University’s new studio complex, Parkside Mediahouse and Birmingham’s Big Centre TV.
Mark Rowland, co-founder and CEO of Formatzone, said: “There has been a shortage of innovation in the UK format market for a while now, so myself and co-founder, Ben Robinson, decided to embark on a journey to provide a new, fast route to market for unscripted formats, essentially a ‘one stop shop’ for new and existing creative talent.”
“Ascension’s understanding of both the tech and media space made the fund a natural first port of call when establishing the business and seeking investment to take us to the next level.”
Managing Director Ben Robinson added: “Based in such a young and diverse city, this is a fantastic opportunity to disrupt the conventional TV commissioning model, and we are looking forward to exciting creative collaborations in the years ahead.”
Ascension Ventures CEO Jean de Fougerolles said he had worked with the firm and been impressed with what it had been able to achieve.
“Formatzone has the potential to put Birmingham at the forefront of disruption within the conventional TV commissioning industry,” he said.
Sue Summers, Chief Executive of Finance Birmingham, said the deal further strengthened the partnership between Finance Birmingham and Ascension Ventures, which had striven to provide working capital and specialist expertise to help the firm achieve its goals.
“It is an incredibly innovative business that is doing things differently to great effect, and our support will allow Mark and Ben to pursue their expansion plans and keep this momentum going,” she said.
