Indie Growth Fund

Since its inception, the fund has made 28 investments and there are now 17 companies in the portfolio, including: Big Deal Films, Candour Productions, Duck Soup, Eagle Eye, Firecrest Films, Five Mile Films, Freedom Scripted, Paper Entertainment, Parable, Proper Content, Rockerdale Studios, Salamanda Media, Spelthorne Community Television, Spirit Studios, Two Rivers Media, Warp Films and Yeti Media. 

With a mixture of both scripted and unscripted companies, the portfolio represents an exciting and diverse mix of UK production talent. From start-up companies to more established Indies with ambitious growth plans, the Indie Growth Fund is a strategic partner offering support, guidance and strategic advice to help grow the company towards an ultimate sale. 

The Indie Growth Fund is headed up by Caroline Murphy and reports in to an Advisory Board chaired by Martin Baker, Channel 4’s Director of Commercial Affairs, which also includes Lorraine Heggessey, Marjorie Kaplan, Tracy Forsyth and Sarah Doole as Creative Mentors.  

Its future strategy is focused on investing in companies in the Nations and Regions as well as interesting digital and diverse businesses across the UK.  

Caroline and her team are always keen to hear from companies with the tenacity, ambition and vision to grow and take their business on to the next level. To get in touch, please email:


Find more information:

Creative Mentors

Companies in the Fund

Meet the Team:

Caroline Murphy


Caroline joined Channel 4 as Head of the Indie Growth Fund in 2019.

Caroline has over 20 years of experience in the media industry in a variety of senior strategy and business development roles. These include Senior Adviser in the BBC’s corporate strategy team and SVP of Commercial Development at BBC Studios where she was responsible for developing and rolling out the BBC’s international channels business.

Her most recent job before joining Channel 4, was Global Director of Strategy and M&A at Fremantle Media where she was responsible for a significant number of investments in Indies and digital content companies.

Caroline Percy


Caroline Percy recently joined Channel 4’s Indie Growth Fund as Senior Portfolio Manager.  Her remit is to use the C4 Indie Growth Fund to invest in stakes of companies with a focus on companies based in the Nations and Regions, Digital companies as well as companies set up with BAME, Female and LGBTQI+ leadership teams.

Caroline recently worked at Ingenious Media, investing in programmes such as Marcella, Whitehouse Farm and Clangers.  Over her 20+ year career, she has worked at leading Distribution companies, BBC Worldwide, Zodiak and DRG.  She has helped finance BBC productions such as StrictlyTop Gear  as well as Drama and Entertainment programmes. 

Hugo Heppell


Hugo was previously at Screen Yorkshire where he ran the content funds for 16 years, investing in over 80 film and TV projects, including iconic Film4 and Channel 4 productions such as This is England, Red Riding Trilogy, Kill List, Tyrannosaur, ’71 and more recently Ackley Bridge and National Treasure. He was responsible for the £15m Yorkshire Content Fund which launched in 2012 with Peaky Blinders and most recently invested in Yardie, Official Secrets and the forthcoming The Duke.