The European Investment Fund supports independent European audiovisual productions with a €25 million investment in France-based Together fund

• EIF commits €25 million to France-based Together fund with a focus on SMEs and small mid-caps active in the audiovisual sector.
• This investment fund has a target size of €100 million and focuses on companies active in the production, distribution and broadcasting of audiovisual content.
• Backed by the MediaInvest programme, part of InvestEU, the initiative highlights EIF commitment to fostering Europe’s independent European productions.

Paris, 14 April 2025: The European Investment Fund (EIF) is investing €25 million in Together (TGT), a French fund managed by Axio Capital that will support the growth and internationalisation of SMEs and Small Mid-Caps active in the production, distribution and broadcasting of audiovisual content across the EU-27 and EFTA countries. With an initial capitalization of €58 million, TGT is designed to transcend national funding barriers and provide essential financial support to European producers. The fund is backed by MediaInvest, part of InvestEU and managed by the EIF, and brings together private and public investors.

TGT is designed to help independent production companies scale and strengthen their market presence while maintaining their independence. Currently, growth opportunities in the industry are primarily driven by integrated audiovisual groups, leaving few options for independent players. TGT aims to change this by acting as a capital growth fund, supporting companies that have already demonstrated their ability to deliver high-quality content.

The fund will focus primarily on scripted content, ensuring that European producers can continue to create compelling stories with global appeal and retain intellectual property rights. A distinguishing feature of TGT is its role as a minority shareholder, recognizing the importance of allowing producers to retain control over their businesses. TGT offers hands-on strategic support, leveraging the expertise of its dedicated team, led by Alexandra Lebret and Antoine Bodet, to provide market insights and financial guidance. The goal is to actively contribute to the growth and long-term sustainability of the companies in which TGT invests.

The commitment by the EIF, which is part of the European Investment Bank (EIB) Group, is designed to help TGT attract other financial backers and reach its target size of €100 million. The goal is to boost investments in a sector that has traditionally faced market obstacles to financing, enabling TGT to offer institutional investors access to media content asset investments through standard LP/GP fund structures.

"By supporting TGT, we are enabling European producers to keep offering high-quality content to a global audience, thereby strengthening Europe's cultural and creative industries”, said EIB Group Vice-President Ambroise Fayolle.

Marjut Falkstedt, EIF Chief Executive, added: “Europe's cultural and creative sectors play an important role in our identity, the cultural backbone of our societies, and our creative prowess. At the same time, they have a strong business and economic dimension as well. That’s why this investment, backed by the InvestEU's MediaInvest programme, is so important. Cultural actors often face significant difficulties in accessing finance, but the use of equity investments by the EU is changing that, contributing to the development of a stronger European content market.”

"TGT is built on a fundamental principle: the producer is the talent, explained Alexandra Lebret, partner in Axio capital. They are the driving force that brings together other creative talents. The fund will invest in these producers, providing the financial backing necessary for them to implement a sustainable growth strategy for their companies."

"The market presents significant value creation opportunities, added Antoine Bodet, partner in Axio Capital. TGT is launching at a pivotal moment for independent European producers, positioning itself as a true catalyst for their development and long-term success. They are the driving force that brings together other creative talents. The fund will invest in these producers, providing the financial backing necessary for them to implement a sustainable growth strategy for their companies."

The transaction comes under the European Commission´s initiative known as the InvestEU MediaInvest equity investment instrument. It aims to mobilise private investors and support total investments in Europe’s audiovisual sector of €400 million over the period 2022-2027.

The investment in TGT by the EIF aligns with its mission to support the competitiveness, digital independence and strategic autonomy of the European Union's cultural and creative sectors.

Background information

About the EIF:

The European Investment Fund is part of the European Investment Bank (EIB) Group. Its central mission is to support Europe’s small and medium-sized enterprises (SMEs) by helping them access finance. The EIF designs and develops venture and growth capital, guarantees and microfinance instruments that specifically target this market segment. In this role, the EIF furthers key European Union policy objectives such as competitiveness and growth, innovation and digitalisation, social impact, skills and human capital and climate action and environmental sustainability. 

About the InvestEU programme:

The InvestEU programme provides the EU with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investments for the EU’s policy priorities such as the European Green Deal and the digital transition. The InvestEU programme brings together under one roof the multitude of EU financial instruments currently available to support investment in the EU, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is implemented through financial partners that will invest in projects using the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increase their risk-bearing capacity and thus mobilise at least €372 billion in additional investment. 

About MediaInvest programme

MediaInvest is a dedicated equity investment instrument financed via Creative Europe resources and designed to foster European audiovisual productions and distribution businesses. MediaInvest aims to strengthen the competitiveness of the audiovisual industries across Europe, by supporting investments totalling €400 million between 2022-2027.

The EIF, with support of the EC, will implement MediaInvest by providing equity investments directly into financial intermediaries (e.g. funds) alongside other investors investing in the same risk class and in market terms. While it addresses financial intermediaries, the ultimate beneficiaries will be audiovisual content production, distribution and videogames companies.

About AXIO Capital

The Fund will be managed by Axio Capital SA, an independent asset management company, accredited by the AMF, specializing in investment operations for French SMEs with revenues ranging from €5M to €100M, across all industries. Acting as a structurer of buyout and growth capital transactions, Axio Capital designs tailor-made solutions that take into account the unique challenges and specificities of each SME.

Press contacts

EIB Group

Christophe Alix, M. +33 6 11 81 30 99, e-mail:  c.alix@eib.org

Andrea Morawski, a.morawski@eib.org, Gsm: +352 691 284 349 / tel.: +352 4379 83427 /

Site internet : www.bei.org/press - Service de presse : presse@bei.org

Axio

Alexandra Lebret, e-mail : alm@axio.fr

Antoine Bodet, e-mail : ab@axio.fr

Laurent Tesson, email : lt@axio.fr

39 Boulevard Malesherbes 75008 Paris -24 rue René Viviani 44200 Nantes - 01 40 60 43 80 - www.axio.fr