Indie production company Three Stones Media, which produces CBeebies series Rastamouse, has launched an Enterprise Investment Scheme (EIS) fund  that will raise up to US$15.7 million for the future production of new children’s TV IP.

Designed as an alternative to co-production, the government scheme will help small businesses raise finance by offering a range of tax reliefs to investors who contribute towards the fund.  The fund is already  backed by One World Investments and Enterprise Private Equity.

Three Stones is currently in talks with creators and producers, and in addition to production finance the fund will expand properties across all platforms and within the licensing domain.

In the case of Rastamouse, partner DHX has taken the brand into the app, toys, games and consumer products space since the show aired in January 2012.