Mubi is turning into the feel-good story of the independent film business. Fresh off its awards season hit The Substance, the art house streaming service and film distributor is raising $100 million from a consortium led by Sequoia Capital, according to three sources familiar with the dealmaking.

If those deals close as expected, the financing round will value Mubi at more than $1 billion, per sources. Not bad for a niche streamer launched back in 2007 by London-based C.E.O. Efe Cakarel, with the mission of connecting cinephiles to classic and auteur-driven films, many of which have been overlooked by larger distributors and global streamers like Netflix and Prime Video. Cakarel has been slowly building an impressive library via various rights deals, and lately Mubi has been moving into theatrical distribution and even bankrolling productions like the upcoming Josh O’Connor heist film The Mastermind, with a budget of nearly $20 million, per the Times. The new capital will help fund that effort, as well as planned theatrical releases for up to 20 films per year.

At a time when Netflix is bypassing theaters with its movies, Mubi aims to be a viable alternative for artsy filmmakers who want at least a limited theatrical release and a dedicated audience of film superfans via the Mubi streamer. The company hasn’t revealed how many people pay between $15 and $20 a month for access to its library of movies, but Cakarel told the Times in February that 16 million people had “registered” on the service.