Financing status：USD 2 million for undisclosed round in 2017
Mediafront, a company that specializes in the production of multimedia, recently raised USD 2 million from the Qualcomm-Company K Mobile Ecosystem Fund and Company K Partners Digital Contents Korea Fund, both run by Company K Partners.
Through this investment round, Mediafront plans to launch a new theme park business that will incorporate new technology such as interactive and virtual reality (VR), and utilize that as a stepping stone for global expansion.
Hong-Kyu Park, CEO of Mediafront, said, “Nowadays, the entertainment industry is growing globally, and we are pursuing aggressive business strategies based on the U.S. and Japanese markets to become a market leader. We will do our best to become a global entertainment content production and distribution company by 2020.”
Since its establishment in 1998, Mediafront has focused on a new media marketing business and expanded to digital theme parks four years ago. This business is focused on both interactive digital theme parks for children and VR theme parks for experiencing actual media. They have developed interactive digital theme parks for children with two different concepts, ocean and dinosaurs, and have sold them to domestic and foreign markets. Mediafront also runs dinosaur themed playgrounds for children as their internal business and plans to expand to Japan by the end of this year.
The main product for VR theme parks is Jungle Adventure. Users can experience bungee jumping, hang gliding, hot air balloon rides, and rafting in the jungle. They opened a Jungle Adventure Pavilion in July at the Monster VR theme park located in Songdo, Korea.
Mediafront is also focusing on global expansion. VR Extreme Adventure will be opened in the center of Sapporo, Japan, and will be co-managed with the ADORES Group, which is the management company of VR PARK TOKYO. In addition, they plan to expand to Sentosa Island in Singapore, Niagara Falls in Canada, and Las Vegas in the United States, by the first half of next year.
(Top photo from Pexel)
This article, entitled “Mediafront raises USD 2M to launch digital theme park business”, was written in Korean by Juhyun Lee of Platum, edited by AllTechAsia.