Impact investing has been called out for not supporting the arts.
Here’s a counterexample: Emerson Collective, Ford Foundation, Kellogg Foundation, and Libra Foundation have invested in a $150 million round for MACRO, producer of the Oscar-nominated film, Fences.
The media company develops programming that “authentically represents the multi-faceted spectrum of our communities,” says founder Charles King.
The company has two films slated for release in November and another for 2018; all of its productions feature people of color in the lead roles.
“One of my goals while I am still in the industry is to dispel this notion that movies that have people of color in them, that they won’t work. Because it’s just not true,” King told The Hollywood Reporter. Fences grossed $64 million and lead actress Viola Davis won an Oscar.
It’s forthcoming Mudbound was the biggest sale at this year’s Sundance Film Festival — to Netflix for $12.5 million. Emerson was MACRO’s original investor.