Multimedia Production Firm Blowtorch Sees Funding Dry Up

Authored by Mark Hefflinger on July 31, 2009 - 4:28am.

New York - Blowtorch Entertainment, a multi-platform media company that launched with $50 million in funding and an ambitious plan to finance feature films, shorts, mobile and social networking elements and live events, is near shutdown after investors pulled out, VentureWire reported.

The company's backers included venture capital firm Ignition Partners, and undisclosed hedge funds that provided the majority of its capital in the form of debt.

Chief executive Kelly Rodriques told VentureWire that 90% of the debt portion of the funding has been returned to the now-defunct hedge funds, with the remainder to be paid back by seeing current projects through to fruition.

Launched in 2007, San Francisco-based Blowtorch has focused on the youth market.

"Tenure," a feature film starring Luke Wilson, Gretchen Mol and David Koechner, is slated for theatrical release in September.

It's unclear whether another film project, "Spin," starring Bijou Phillips, will see a theatrical release or perhaps go straight to digital distribution.

Related Links:
http://snipurl.com/od737 (VentureWire)

http://snipurl.com/od71u (DMW previous coverage)

http://www.blowtorch.com