Former Marvel CEO Invests More in Kids Media Firm Herotainment
A venture firm led by Peter Cuneo is betting on the developer of Herotopia, a social online game that lets children create a superhero character.
NEW YORK - Children’s media company Herotainment said Wednesday it has received an additional investment from Cuneo & Co., the venture firm led by former Marvel Entertainment CEO Peter Cuneo.
The company behind Herotopia, a social online game for kids, didn't detail the amount of the capital injection, which adds to a previous commitment from Cuneo.
Herotopia is a browser-based multiplayer online game and community that lets children create a superhero character and explore real and fantasy locations around the world.
Herotainment is on the verge of an expansion of Herotopia. The funding will also help support Herotainment’s push into the mobile arena with the early 2012 release of Tango Chase, its first mobile title inspired by the Herotopia world.
Cuneo, who served at Marvel from 1999 to 2009, first as Marvel - first as CEO and later as vice chairman, will join the board of Herotainment alongside co-principal of the venture firm Gavin Cuneo.
The investment firm will work closely with Herotainment management "to build the company’s global children’s entertainment brand, utilizing their expertise within the entertainment and digital products realm," the firms said.
“We are creating a new generation of superheroes and Cuneo & Co’s extensive experience building multi-billion dollar entertainment brands will be an invaluable asset," said Herotainment co-CEO Wade Teman.
Said Peter Cuneo: “Herotainment’s flagship product, Herotopia, has a strong brand, great characters and a story that is being embraced by children worldwide, and applauded by children’s media experts. We are excited to support the continued rise of this new, uniquely focused children’s brand, both online and offline, through other media and consumer products.”