DocumentaryDocumentary

OPEN WATER

Three years embedded with the volunteer crews who rescue migrants in the Mediterranean.

📍 Italy / MaltaDir. Lena OkaforBudget $720KBroadcast & streaming licensingBy Lena Okafor Illustrative profile — review risk factors

Why this deal

  • Streaming-doc licensing comparables averaged 1.8x on sub-$1M docs
  • Two broadcasters in active negotiation
  • 140 hours of vérité footage already in the can

The SPV structure

Vehicle

FF Open Water SPV, LLC

Jurisdiction

Delaware, USA

Framework

Reg CF

Security

revenue share

Waterfall share

48% of revenue

Escrow

North Capital Private Securities

You are purchasing units of the SPV — a single-purpose vehicle whose only asset is its contractual stake in this project's revenue waterfall. Distributions flow pro-rata to unitholders after the SPV receives waterfall payments.

Use of funds

Edit & post52%
Archive licensing18%
Festival & impact campaign22%
Contingency & fees8%

The team

L

Lena Okafor

Director

IDFA ’22 award winner

Market compsCineComps™

Cohort-level performance for projects with a similar model, genre, and distribution approach.

Cohort figures pending publication

Sub-$1M social-issue documentaries with broadcaster interest

Footage substantially in the can · two or more broadcasters in negotiation

Cohort comparables are in development; figures are not published yet pending documented methodology and regulatory review. Past performance, when published, will not predict any specific outcome. Demo disclosure

Updates

2026-05-15

Rough cut milestone

First assembly complete at 3h 40m; targeting 96-minute final.

Risk factors

  • • Documentary revenue depends on licensing outcomes.
  • • You may lose your entire investment.

Investing in film and media involves substantial risk, including total loss of capital. Review the full offering documents before investing. Nothing on this page is investment, legal, or tax advice.

Platform role: FILM.FUND is a technology platform earning subscription and transaction fees — we are not the issuer of this offering. All representations and warranties about the project are made by the creator (issuer) in the offering documents; investors represent their own eligibility under the stated framework. How responsibility is divided

$195K30% funded
880 investors 80 days left
$
Units5
Unit price$50
Waterfall ownership0.0185%
Perk tierBacker
Invest $250

9,100 of 13,000 units remaining · executed via licensed placement partner · funds held by independent escrow until close

Investor perks

Offering docs in the data room

Escrow: North Capital Private Securities

FF Open Water SPV, LLC

$195Kof $650K · 80d left

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