- The money raised will go towards publishing operations and development capabilities
- VC firm Makers Fund led the round
Get Industry News In Your Inbox…
Sign Up Today
HYBE‘s video games subsidiary HYBE IM has raised $80 million led by Makers Fund to bolster its publishing operations and development capabilities.
According to Korea Joong Ang Daily, HYBE IM issued 76,924 new shares at 1.4 million won ($1,040) each, with 12,228 shares going to HYBE, 57,692 to Makers Fund, and 7,004 to IMM Investment.
As a result, HYBE, the majority shareholder, will increase its stake to 71% in HYBE IM. The first payment of 61.8 billion won is due by September 6, with the remaining 48 billion won to be paid by October 31st, 2024.
A turning point
“Through the investment, HYBE IM will strengthen its competitiveness in the global gaming market and become a holistic games company by diversifying our portfolio in both publishing and developing games,” said HYBE IM President Wooyong Chung.
“With the support of Makers Fund, IMM Investment, and HYBE, we will strive for sustainable growth and innovation, solidifying our position as a full-service game company.”
HYBE is the South Korean entertainment giant behind the popular boyband BTS. It operates multiple music labels globally and established its video game division Hybe IM in 2021.
