Channel 4 invests in VR content start up Parable Ventures

2 March 2017

Channel 4 today announced it has taken a minority stake in brand new British virtual reality (VR) business Parable, focussing on innovative content creation with storytelling at its heart. Launched this month, Parable will create VR and 360° content across the entertainment, brand marketing and training sectors.

Parable is co-founded by former director of programmes at The Garden Productions, David Wise and former president of Economist Films, Nicholas Minter-Green.

This latest investment from the Indie Growth Fund, headed up by Laura Franses, further expands the Fund’s portfolio into a different form of content and presents an exciting opportunity in a rapidly growing market by backing UK creative talent in this pure start-up venture.

Channel 4 is joined as launch investors by Stephen Lambert, chief executive of Studio Lambert, who has been appointed chairman of Parable, and the global media group The Economist. The Economist deputy editor and tech expert, Tom Standage, joins the board as a non-executive director.

Alongside David and Nicholas in the Parable leadership team is Jonathan Rudd, award-winning television director and film editor, who joins as partner and creative director. Jonathan has over 150 broadcast credits across his 25 year career, from popular factual entertainment series and full-length drama docs including ‘Stockwell’ (ITV) and ‘The Great British Blackout’ (National Geographic) – and TV commercials for brands such as Boots and match.com.

Across David’s 22 year career in TV production he has created and executive produced a broad range of original factual content. In his role at The Garden Productions, he oversaw the company’s entire production slate, including 24 Hours in A&E, Anne Robinson’s Britain and the upcoming Extremely British Muslims. Prior to this, David was creative director at Jamie Oliver’s Fresh One Productions. Nicholas spent 16 years at the TVC Group, eight years as MD, helping to build it into a leading brand content communications business working with major brands including Coca-Cola, Eurostar, Jaguar, LandRover, Ralph Lauren and Red Bull – eventually leading the sale of TVC to The Economist Group in 2012 where he became president of Economist Films.

Parable have already completed two 360° documentaries for The Economist with Blancpain, and are in advanced conversations with several major broadcasters and an array of established on-screen talent regarding upcoming projects for this year.

The global VR market is currently valued around £800m* and is expected to grow to nearly £100bn by 2020** with the technology increasingly being explored by traditional business sectors across the UK.

David Abraham, chief executive at Channel 4 said: “We’ve been watching the VR and AR markets with interest as they move away from their Silicon Valley roots and increasingly attract the attention of media owners and brands. Parable are storytellers first and foremost and present a great opportunity for our Indie Growth Fund to work with a talented team with a bold ambition to break into this exciting new sector.”

Stephen Lambert, chair of Parable said: “Virtual reality is the most exciting technological media development of the next few years, but its success hangs or falls on creating great content. I know David and Nicky well and I have no doubt they will quickly establish themselves as a leading global supplier of engaging innovative VR content, which is why I'm delighted to be involved in this new business as its non-exec chairman."

David Wise said: “We are incredibly excited to be launching our business with the backing of Channel 4 and such an inspiring group of investors. Channel 4 share our passion for ground-breaking entertainment and recognise the unique potential that immersive content holds to capture the imagination of current and future generations of viewers.” Nicholas Minter-Green added: “Blending our experience of brand activation and television will bring another type of studio to a hugely dynamic VR market place – we look forward to creating engaging narrative-driven experiences that capture the hearts and minds of a brand new audience.”

The £20m Indie Growth Fund was set up in 2014 to help support creative UK based companies get to the next level. The Fund has now invested in thirteen UK-based businesses comprising of: Arrow International Media, Barcroft Media Group, Eleven Film, Firecrest Films, Lightbox Media, Popkorn Media, Renowned Films, Spelthorne Community Television, The RightsXchange (TRX), True North Productions, Voltage TV Productions and Whisper Films.

Last month Channel 4 made its first full exit from an Indie Growth Fund investment when True North Productions was acquired by Sky. In two years, Channel 4 helped to secure a strong future for True North which is now one of the biggest factual indies in the UK and an established training ground for new and diverse creative talent in the north.

No output or minimum guarantees are given to invested companies in relation to Channel 4 commissions – and Growth Fund investments do not influence the strategy of Channel 4’s commissioning team which continue to work with the broadest range of suppliers.

-ENDS-

 

Notes to editors

*Deloitte (2016) - http://bit.ly/2eXhZX6

**Digi-Capital (2016) - http://bit.ly/2ltZDhF

 

About Channel 4’s Indie Growth Fund

Channel 4 launched the Indie Growth Fund in 2014 initially committing to invest up to £20million over a period of three years in minority stakes across a broad portfolio of television production and digital companies. The fund aims to nurture the independent sector by providing access to funding for small to medium sized companies based in the UK to help them grow and develop their business.

The fund continues to take submissions from companies who can register their interest by contacting growthfund@channel4.co.uk