Baobab Studios lands Naver Ventures backing, sets SHINE as flagship title

Baobab Studios has picked up a strategic investment from Naver Ventures, the U.S. arm of South Korean internet giant Naver Corporation, per an exclusive announcement in Variety, and the ten-time Emmy-winning transmedia studio is putting the graphic novel Shine, "an original fantasy adventure co-created by Oscar-nominated filmmaker Erick Oh [Opera] and webtoon author Madeleine Rosca," who was the first non-Japanese winner of Japan’s International Manga Award, at the center of the push.

According to Variety, the deal is a seven-figure, up-round investment, signaling growing confidence in Baobab's ability to build intellectual property that moves fluidly between Asia and North America — and to grow Gen Z-facing franchises across both markets and platforms. Naver, the parent company of WEBTOON Entertainment, joins a backer list that already includes Disney and Comcast.

"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."

Shine, described as a lush, imaginative vision of a future Korea populated by nature spirits, mystery, and romance, is the studio's new flagship title and the connective tissue for an Asia–North America content slate. The logline for the project reads: "When the balance between the human and spirit worlds is shattered, a half-human girl must bridge the divide to save a futuristic Korea."

Shine is Baobab’s second graphic novel collaboration with First Second Books, following Intercats. Mark Siegel, editorial and creative director of First Second, called the book a showcase for the kind of creative dialogue between comics and animation his imprint was built to support. 

“We exist to publish artists of Erick and Madeleine’s caliber,” said Siegel. “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.”

Beyond Shine, Baobab's gaming pipeline includes its own franchise Momoguro alongside a trio of Roblox hits — Natural Disaster Survival, Barry's Prison Run, and Deepwoken — for which the studio has locked exclusive film and TV rights, developing animated adaptations in tandem with the games' original creators.