NPX invests $43m in Korean digital content provider
The private equity arm of US and Korea-based NPX Capital has invested USD 43m in Korean digital cartoon studio Copin Communications.
Copin specializes in character design, emojis, webtoons, and animation productions. Its main differentiator is the use of artificial technology to streamline production processes. This is said to allow it to produce more works than its three largest domestic webtoon competitors combined.
The fresh capital will be used for expansions into Japan, Southeast Asia, Europe and South America, as well as to acquire and invest in drama production and gaming companies in Korea and abroad. The aim is to diversify production capabilities to meet increasing demand for immersive 3D media.
“The market for digital content is entering a new and different chapter due to the development of innovative technologies as with VR [virtual reality], AR [augmented reality] and metaverse,” Young Hak You, CEO of Copin, said in a statement.
Copin raised about USD 14m last year from Daekyo Investment Hyundai Investment Partners, KB Investment, Shinhan Capital, STIC Ventures, and Wonik Investment Partners. Daekyo, Hyundai, KB, and Shinhan also provided a USD 3.4m round 2019.
NPX has worked closely with Copin since making its first investment, a USD 13m commitment, in September last year. The private equity firm – which has about 20 executives across Seoul, Hong Kong, Singapore, and Los Angeles – said it would actively support the company’s global expansion and help strengthen its market position.
“In the rapidly changing global content industry, the works of Korean developers have been particularly under the heated attention from viewers around the world,” Samuel Hwang, founder and CEO of NPX, added. “This is not a temporary hype but a trend that reflects the Korean content’s potential and capabilities that can appeal to the world’s consumers continuously.”
Founded in 2016, NPX invests globally from early stage to buyouts. Previous investments in digital animation include Topco, a Taiwan-based content creator best known for its global webtoon platform Toptoon. It has also invested in Korea’s Smart Study, an education technology player with a significant animation component in the form of Pinkfong, a children’s character and brand.
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