A group of UK film-makers and finance specialists have launched International Film One (IFO), a financing vehicle which aims to raise $23.6m (£15m) through UK tax breaks to invest in product targeted at new media platforms.

Accountancy firm Hacker Young is assisting in raising the cash through the UK's Enterprise Investment Scheme (EIS), a financing vehicle that provides investors with tax relief.

IFO's directors include media solicitor Brian Eagles, US TV director Joseph Hardy and crew member and actor Paul Springer.

Providing it raises its target, the company will, for example, provide 15% in risk equity on projects. The company, which will act as executive producer, will invest in film and TV production targeted at markets such as the Internet.

The venture is unusual in that in offers potential investors a chance to invest in a company, allowing them to spread risk across a slate. Most EIS offerings have offered investors only the ability to back one or two films, many of which have had little box office success.

But there are signs that the EIS system is developing more sophisticated models, with Harvest Pictures recently securing an EIS fund to invest across a slate of features from BBC Films, the film arm of the UK broadcaster. Amongst the films Harvest has backed is Born Romantic, director David Kane's highly-anticipated follow-up to hit black comedy This Year's Love.

Springer, IFO's chief executive officer, said: "All the new and emerging technologies need content: something to put on the screen. International Film One will supply quality content for an increasingly diverse and dynamic market."