LINE studio, a Korean casual game developer of the global messenger platform LINE, has attracted an investment of 40 billion won ($30 million) from Premier Partners, a domestic private equity fund (PEF) manager.
This is the first external investment since LINE Studio established the corporation. The funds raised will be used to expand the platform of LINE Studio’s game business and advance into the global market.LINE Studio collaborated with the worldwide messenger platform LINE to make LINE Rangers and LINE Bubble 2 a hit in Japan, Taiwan, Thailand and Hong Kong and became a global casual game brand loved by more than 100 million users.
Based on these capabilities, Line Studio is trying to expand its global game business by challenging the casual game market in the USA and Europe. In addition, it wants to diversify the game platform by utilizing the know-how and technology accumulated over the past 10 years in mobile games and further strengthen the portfolio by entering the web3 business.
Since its establishment in 2005, Premier Partners is Korea’s first limited company-type venture capital that manages assets of 2.5174 trillion won. Premier Partners has invested in more than 190 companies based on its rich industry experience and expertise and focuses on driving sustainable growth of companies.
Kim Seong-eun, CEO of Premier Partners, said, “The growth of casual games is outstanding in the global mobile game market, which has been showing high growth recently,” he said, revealing the investment background.
Lee Jeong-won, CEO of Line Studio, said, “Through this investment, Line Studio plans to open a new horizon for casual games in the global market. Our goal is to focus on growth as a global game developer.”
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