Finnish VC firm boosts local economy with US partner XYZ Films

Nearly 100 Finnish film professionals are attached to the $5.5m satirical sci-fi thriller Dual currently filming in Tampere under the helm of US indie director Riley Stearns (The Art of Self-Defense). Top-lining the cast are Karen Gillan (Guardians of the Galaxy, Doctor Who), Aaron Paul (Breaking Bad, Westworld) and Beulah Koale (Hawaii Five-O).

Gillan plays a woman who, upon receiving a terminal diagnosis, opts for a cloning procedure to ease her loss on her friends and family. When she makes a miraculous recovery, her attempts to have her clone decommissioned fail and lead to a court-mandated duel to death.

Finnish top crew members include production designer Sattva-Hanna Toiviainen (Little Wing, Happier Times Grump) and costume designer Janne Karjakainen (Vares, Off Key).

Steans is producing alongside XYZ Films and Lee Kim, with Film Service Finland handling production services. “Since arriving over a month ago, I continue to find myself inspired by the City of Tampere,” said the US director. “It has informed the look and feel of Dual in ways I never could have imagined while writing the script. I’m excited for audiences to see the world we’re able to create thanks to filming here,” he said.

The Finnish venture capital company IPR.VC which is co-financing the film, as part of an overall slate deal with US group XYZ Films, played a central role in bringing Dual to Finland.

The company’s co-founder Timo Argillander told nordicfilmandtvnews.com: “Mid-June, just before the midsummer holiday, I spoke on the phone to Nick Spicer [co-founder at XYZ Films] and said: “Covid-19 is pretty much under control in Finland. Could it be a good idea for you and your team to come and shoot your entire film here?” Nick liked the idea and I immediately put him in touch with the director of Film Tampere- Ilkka Rahkonen and together they started to put things in motion.”

The film was able to tap into cash rebates both from Business Finland (25% of production costs in Finland) and from Film Tampere (10% of costs spent in the region).

Rahkonen said: “Dual is a very important opportunity for Finland and for Tampere. With our incentive offering and infrastructure, I am pleased that Tampere is emerging as a leading international film destination.

Petra Tarjanne, Special Adviser at Finland’s Ministry of Economic Affairs and Employment added: “Finland offers excellent conditions for feature film, documentary film, serial fiction and animation productions not only based on our industry expertise but also thanks to Finland’s safe operating environment. Despite the pandemic, we have managed – through cooperation between the partners in this industry – to create conditions where Finland comes across as a flexible and safe place for international productions.” Dual will be distributed internationally by producer/co-financier and sales agent XYZ Films. Delivery is set for 2021.

Other XYZ titles co-financed by IPR.VC include the US thriller Alone by John Hyams (remake of the Swedish film Gone by Mattias Olsson) and Australian sci-fi 2067 by Seth Larney.

Argillander says the deal with XYZ Films is the first strategic collaboration for IPR.VC, which is helping major indie distributors raise financing for a slate of film & TV projects through the Finnish group’s €50.7m Fund II. The Finnish venture capital expert says two other such strategic partnerships with a European and US group will be announced in the coming months, while investments in Nordic content is continuously being assessed.

“Financially, we’re ahead of our anticipated returns,” said Argillander, whose round of Finnish investors for its Fund II comprises institutions, private and public groups.

Recent Nordic content backed by IPR.VC include the Finnish/Swedish TV drama White Wall, the Norwegian series Between Us, and Klaus Härös’ film One Last Deal.

IPR.VC is also shareholder in the leading Finnish animation studio Gigglebug Entertainment, currently producing with Zodiak Kids Studio France the major series The Unstoppable Yellow Yeti, commissioned by Disney Channel Europe and Yle.