Newcastle-based UK production company Ipso Facto Films has gotten $234,000 (£150,000) backing for its slate of films.

The money comes from Finance for Business – North East Creative Content Fund, held by regional screen agency Northern Film & Media, managed by venture capitalists Northstar Ventures and financed by ERDF funding through One North East, is the UK’s first public-private investment initiative in the creative industries. The fund hopes to recoup its investment from Ipso Facto’s slate of future films.

Ipso Facto, set up by Christine Alderson in 1993, has worked on films including Irina Palm, Valhalla Rising, Who Killed Nancy, Mad Sad & Bad, and the forthcoming SoulBoy.

The company’s development slate includes the 3D, post-apocalyptic adventure Second Origin from director Bigas Luna and supernatural thriller Dead Gone Buried from director Matthew Thompson.

Christine Alderson, Executive Producer of Ipso Facto, said: “We are delighted that Northstar and Northern Film & Media have seen the potential in Ipso Facto Films and our very exciting development slate. The film marketplace is constantly evolving and this investment allows us to grow whilst we continue to produce ambitious, quality feature films aimed at the international market.”

Tom Harvey, CEO, Northern Film & Media, said: “The unique Finance for Business – North East Creative Content Fund partnership enables us to bring the investment expertise of the VC community to the decision making table and is already contributing to the creation of commercially thriving creative sector in this region. The net result is a relationship that helps develop and support commercially sustainable creative activity at lower cost to the UK tax payer.”

Marion Bernard, CEO of Northstar Ventures, added: “Northstar’s investment into Ipso Facto demonstrates the wealth of home grown talent in this sector able to compete and succeed on a national and international level.  We are keen to work with commercial creative companies such as Ipso Facto to unearth and grow local potential.”