The Spanish Society for Technological Transformation, a Public Business Entity (SETT), attached to the Ministry for Digital Transformation and Civil Service , has today formalized the operation by which the Government invests 44 million euros in the Spanish audiovisual fund Culture CAP7 with the aim of facilitating the financing of audiovisual productions .
With the signing of this transaction, which brought together Javier Ponce, General Director of SETT, and María Coronado, Audiovisual Director of SETT, as well as Patricia Spa García-Luján, partner at Culture CAP7 , the journey of Culture CAP7 officially begins. This innovative fund is dedicated exclusively to the cultural and audiovisual sector.
Last September, the Council of Ministers approved this action , the first operation of the second phase of the Spain Audiovisual Hub Plan , led by the Ministry for Digital Transformation and Public Service, through the Secretary of State for Digitalization and Artificial Intelligence (SEDIA) , and which mobilizes funds worth 1,712 million euros in financial instruments , aimed at supporting the consolidation of the audiovisual sector, providing it with greater resilience and operating capacity in the global market.
The fund management company was founded in 2014 and has a presence in the Basque Country and Madrid. It is backed by the European Investment Fund (EIF) and has an experienced team in the industry and privileged access to the financial and advisory community in Spain, as well as to the entire media sector in Spain and internationally.
This investment by SETT in Culture CAP7 represents a strategic opportunity to increase the reach of these funds in the Spanish market, as its activity is geared toward promoting Spanish SMEs with growth potential operating in this industry. It will primarily impact production, distribution, and the development of the service ecosystem necessary to carry out productions, strengthening the Spanish audiovisual sector and providing greater resources to compete in the global audiovisual market . Furthermore, this transaction will contribute to the creation of new companies and the strengthening of existing ones, with the aim of boosting job creation and consolidating an innovative business environment.
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