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Baobab Studios has secured a strategic investment from Naver Ventures, the U.S.-based venture investment arm of Naver Corporation, the 10-time Emmy-winning transmedia animation studio has revealed.
Naver Corporation
is one of South Korea’s largest internet companies and the parent of Webtoon Entertainment Inc. Variety understands the investment is worth seven figures and values Baobab above its previous round, an up-round that reflects rising confidence in the studio’s capacity to build IP spanning Asia and North America and to grow Gen Z franchises in both directions across platforms.
The first project under the new slate is “Shine” (working title), an original fantasy adventure co-created by Oscar-nominated filmmaker Erick Oh and webtoon author Madeleine Rosca. The logline: when the balance between the human and spirit worlds is shattered, a half-human girl must bridge the divide to save a futuristic Korea.
Baobab is developing “Shine” alongside Webtoon as a digital webcomic series, tapping a platform where 75% of monthly active readers are Gen Z. The digital release will be paired with a print graphic novel from First Second Books, an imprint of Macmillan Publishers. Baobab retains film, television, streaming and gaming rights to the property.
“At Baobab, we are driven by stories that build imaginative, expansive worlds which resonate deeply with audiences across multiple mediums,” said Maureen Fan, CEO of Baobab Studios. “Collaborating with a powerhouse like Naver fuels our biggest ambitions, and this partnership represents a true convergence of East and West by fusing Naver’s deep technology, content and distribution footprint across Asia with our Hollywood animation storytelling. Korean narrative culture has captured a passionate international fanbase, and by bridging these worlds, Baobab is able to build a magical, multi-platform universe crafted specifically for the next generation of Gen Z and Gen Alpha audiences on the page, the screen, and beyond.”
“What attracted us to Baobab is the rare combination of exceptional creative talent and a truly multi-platform approach to building IP,” added Yong Jung Park, general partner at Naver Ventures. “The most enduring entertainment franchises create value well beyond a single format, building audiences across animation, gaming, publishing, and interactive experiences. Baobab’s depth of experience across these disciplines gives the company a distinctive foundation to build global franchises at scale. We’re excited to partner with Maureen and the team.”
Oh previously directed Baobab’s Annie Award winner “Namoo,” which was shortlisted for an Oscar while also winning an Annie Award and earning an Emmy nomination, along with “Pig: The Dam Keeper Poems,” winner of the Cristal Award for best television at the Annecy International Animation Festival. His short film “Opera” earned a 2021 Academy Award nomination.
Rosca created, wrote and illustrated the Webtoon series “Rise From Ashes,” which drew more than 52 million readers across 140 episodes. She was the first non-Japanese winner of Japan’s International Manga Award, presented by the Foreign Minister of Japan, and her other publishing credits include “Hollow Fields” and “Clockwork Sky.”
“‘Shine’ represents everything we strive for as artists, including unbridled creativity, deep character storytelling, and world-building without limits,” said co-creators Erick Oh and Madeleine Rosca. “Combining our backgrounds in animation and comics with the global power of Baobab, Webtoon, and First Second gives us a rare opportunity to share our stories and connect directly with literally tens of millions of readers around the world.”
“Shine” is Baobab’s second graphic novel collaboration with First Second Books, following “Intercats.” The studio is also in development with Disney+ on the animated series “Witchverse” and is adapting “Intercats” and “The Magic Paintbrush,” a multi-book series with Penguin Random House, as feature films. Baobab’s gaming slate spans Roblox experiences including “Momoguro,” “Natural Disaster Survival,” “Barry’s Prison Run” and “Deepwoken.”
“We exist to publish artists of Erick and Madeleine’s caliber,” said Mark Siegel, editorial and creative director of First Second. “We’ve always believed in the creative conversation between comics and animation, without ever sacrificing the heart, craft, and storytelling that make a great graphic novel. And ‘Shine’ is just a joy: a gorgeous, wildly imaginative vision of a future Korea, full of nature spirits, mystery, romance, and characters you can’t help falling in love with.”
Baobab counts Disney, Comcast and Naver Ventures among its backers, along with an investor base that includes Horizons, Shanghai Media Group and HTC. The studio has released seven titles that have won 10 Emmy Awards and two Annie Awards, with voice talent including Glenn Close, Jennifer Hudson, Ethan Hawke, John Legend, Lupita Nyong’o, Daisy Ridley and Oprah Winfrey.
