Entertainment company Huayi Brothers Media has led a RMB200m ($29m) series D round for China-based movie marketing and distribution services provider Magilm Pictures, China Money Network reported yesterday.
Founded in 2009, Magilm Pictures focuses on film, television and animation production as well as marketing and distribution services. As a strategic investor, Huayi Brothers will work with Magilm to grow those businesses.
Over the past three years Magilm has amassed more than RMB370m in funding, according to China Money Network. Animation company Alpha Group and securities brokerage Tianfeng Securities led a series C round or the company in 2015 sized at more than RMB100m.
Magilm secured RMB60m in 2014 from investment firms Tianxing Capital and Shenzhen Co-Win Venture Capital, which also provided RMB10m in series A funding in 2013.
Huayi Brothers’ South Korea-based subsidiary launched a corporate venturing subsidiary, Huayi Investment, in September 2016, allocating $45m to invest in China and Korea-based media and content startups, as well as projects such as movies and web comics.
Wang Zhonglei, vice-chairman and chief executive officer of Huayi Brothers, said: “The investment reflects our optimism [in] Magilm’s young generation, content reserves and rich marketing experience in the film industry.”