Purely Capital Secures $150 Million for New Financing Platform

Purely Capital has launched a new financial technology receivables platform to assist producers and distributors waiting for long-dated license fee payments on content commissioned or acquired by global streaming platforms.

The platform is backed by a $150 million institutional funding line from Finch Capital. It is intended to serve companies that are having to wait two to five years to receive contracted license fee payments from streamers. Purely Capital says it has built a “bespoke technology-driven solution to automate, streamline and standardize the acceleration and financing of long-dated entertainment receivables. This will give distributors and rights owners access to immediate cash flow upon content delivery and an agreed license.”

Purely Capital has already financed over $35 million in deals, buying long-dated income from Netflix, Amazon, Disney, Viacom, HBO and Starz. It closed a seed equity round last year backed by Finch Capital and is planning a Series A round later in 2020. The team is led by Founder and CEO Wayne Marc Godfrey, alongside CFO Stuart Stanton, Chief Legal Officer Dan Abrams, CTO Dean Chapman and Head of Product Sashi Arnold.

Godfrey commented, “With more high-level buyers than ever hungry for content, it has arguably never been a better time to be producing and distributing film and TV content. While the unprecedented spend by streamers and broadcasters of more than $120 billion last year is impressive, rights owners are being forced to wait two to five years for licensing contracts to be paid out, putting companies under immense financial strain. We built Purely Capital as a solution to this emerging problem, giving content owners access to their licensing income now. Purely Capital buys contracted revenues today and we then wait for the years of quarterly payments from the licensor so that our customer doesn’t have to.”

Aman Ghei, a partner at Finch Capital, added, “Purely Capital is at the center of the entertainment industry that is truly being disrupted by the volume of content that is being produced and the way we are consuming it. Unfortunately, financing options for content and license owners in this changing landscape remains archaic and inefficient. This is where we believe Wayne and his team have the experience and ability to provide the best experience and most competitive price for global entertainment rights owners”.