Spain's state fund SETT puts €215.6 million into audiovisual companies, drawing €230 million more

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SETT, the state-backed venture capital fund under Spain's Ministry for Digital Transformation, has invested €215.6 million over the past 12 months in film, television, games and new technology, and private investors have added €230 million alongside it, according to María González Veracruz, Spain's state secretary for digitalisation and AI. Spanish governments have funded films one at a time since the 1940s, with grants and loans. SETT instead buys equity in companies that hold a slate of productions, for up to 10 years, and only if private partners put in money too.

Eleven of its 15 deals are public. They include a 46% stake in Good Films Studios Spain for €19.8 million and €24.9 million of equity in Canary Islands animator Anima Kitchen, alongside DNEG. SETT also provided €20 million of the €45 million that founded Ítaca Films Madrid with Mexico's Ítaca Films and Omega Capital, €6.4 million for 48% of Amuse Labs, and €1.1 million for 46% of Lazona Audiovisual Hub. With South Africa's Known Associates Group it put a joint €25 million into Moonlighting Studios Spain and The Refinery, and with Planeta Junior and Amuse Animation it spent €9.2 million on distribution rights to the preschool series "Milo".

The money came from the EU's Next Generation funds, which ran out on 30 August. This is not being treated as a reason to stop. Director general Javier Ponce says the audiovisual work will carry on under a new fund, España Crece, and that talks have begun with the state bank ICO on how the two will co-invest.