Emmy-Winning Baobab Studios Lands Naver Ventures Investment, Sets ‘Shine’ as Flagship Title (EXCLUSIVE)

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. Popular on Variety

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.