Entertainment
Baobab Studios secures seven-figure investment from Naver Ventures
The Emmy-winning animation studio will develop the fantasy adventure 'Shine' as its flagship title across webcomic and print formats.
The short version
- Transmedia animation studio Baobab Studios has secured a seven-figure strategic investment from Naver Ventures.
- The funding, which values Baobab above its previous round, will support 'Shine,' a new flagship fantasy adventure co-created by Erick Oh and Madeleine Rosca.
- The project is being developed as a digital webcomic series with Webtoon and a print graphic novel, while Baobab retains film, television, streaming, and gaming rights.
Key facts
- Baobab Studios secured a strategic investment from Naver Ventures, the U.S.-based venture investment arm of South Korean internet giant Naver Corporation.[Variety]
- The investment is worth seven figures and values Baobab above its previous funding round.[Variety]
- The studio's flagship title under the new slate is 'Shine' (working title), an original fantasy adventure co-created by filmmaker Erick Oh and webtoon author Madeleine Rosca.[Variety]
- 'Shine' is being developed as a digital webcomic series with Webtoon and a print graphic novel with First Second Books, an imprint of Macmillan Publishers.[Variety]
- Baobab retains the film, television, streaming, and gaming rights to 'Shine' while partnering for the publishing rights.[Variety]
What remains uncertain
- The exact valuation of Baobab Studios following this investment round has not been disclosed.[Variety]