Vancouver: Upstart distribution company Red Sky Entertainment of Vancouver has evolved quickly enough in its first year of business to attract long-term investment from b.c.’s Working Opportunity Fund and the Royal Bank Capital Corporation.

Details of the venture capital investments – including how much money has been exchanged for what minority equity stakes – have not been disclosed.

However, Red Sky vp of sales Dave Forget says the cash will be used to pay for more film acquisitions and production investments, assist in the P&A costs of the company’s existing theatrical releases, and enhance opportunities to expand theatrical, television and video distribution.

‘We’ve aligned ourselves with partners who are in for the long term and want Red Sky to grow,’ says Forget. ‘This will speed up the process. We can do more and do it faster.’

Red Sky, though, has already been quick off the mark. Trading on the credibility of its four operating principals – president Tony Cianciotta, vp marketing Mary-Pat Gleeson, Forget and vp publicity and promotion Anna Maria Muccilli – Red Sky is already a national player and an integral part of the b.c. film economy.

The company’s release slate numbers 25 titles including the critically acclaimed and award-winning Slam, Love is the Devil and Such a Long Journey.

Anteing up for production, Red Sky is involved in the recently wrapped Shegalla by director Mort Ransen, Bad Money by director John Hazlett and The Divine Ryans by director Stephen Reynolds.

This year, Red Sky signed an output deal with New York-based Stratosphere Entertainment and a reciprocal distribution partnership with Montreal’s France Film/ Equinox Entertainment. Also, Myriad Pictures of Santa Monica signed a deal to handle international sales of Red Sky acquisitions.

Working Opportunities Fund is a union-sponsored venture capital pool with $200 million in assets. The Royal Bank Capital Corporation is a subsidiary of Royal Bank Financial Group, which oversees a capital pool of $300 million.