South Korea’s Hybe IM raises $80M for games

Hybe IM, the interactive media and games arm of Hybe, has raised $80 million in funding to make games.

Led by President Wooyong Chung, the company is based in South Korea. The investment round was led by Makers Fund, a leading global investor in the interactive entertainment sector. The round also saw participation from IMM Investment and Hybe IM’s parent company, Hybe.

With this investment, the company plans to diversify its game publishing and development efforts, further expanding its capabilities as a full-service game company, and strengthening its competitiveness in the global games market. I don’t know about you guys, but I haven’t heard of either company.

The company said this investment allows Hybe IM to invest in great games, bring them to markets around the globe, and significantly enhance Hybe IM’s in-house development capabilities. By drawing on the strength of its parent company, Hybe IM can offer music and video production integration with some of the best talent in South Korea’s exploding music and cultural scene.

Hybe IM made its first formal foray into games with the successful launch of Rhythm Hive and BTS Island: In the SEOM. Since then, Hybe IM has rapidly expanded its game portfolio via publishing contracts for Macovill’s OZ Re:write and Flint’s Astra: Knights of Veda. Hybe has 790 employees while Hybe IM has 240 employees.

In August 2023, Hybe IM, together with its parent company Hybe, made strategic investments of $21.8 million in Aqua Tree.

Later in February 2024, they further strengthened their market influence with an investment of $1.45 million in Action Square, the developer of ‘Dungeon Stalkers’. Through these investments, together with multiple in-house games, Hybe IM is accelerating its journey to becoming a global full-service game company across multiple platforms, genres, and geographies.

Hybe IM President Wooyong Chung said in a statement, “This substantial investment marks a significant turning point for HYBE IM in strengthening our competitiveness within the global games industry. 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.”

Makers Fund founding partner Jay Chi said in a statement, “Hybe IM is poised to capture opportunities in global game publishing and development through its unique Hybe platform and the relentless dedication of Wooyong and his exceptional team. South Korea serves as an ideal launching pad, with its deep pool of world-class game designers and their ascending influence. Makers Fund is thrilled to serve and contribute to this thriving ecosystem.”

Meanwhile, Hybe IM is expanding the boundaries of Hybe’s entertainment business, developing games that offer an ‘entertainment life’ and conducting diverse publishing activities. Utilizing innovative interactive media technology, Hybe IM provides users with a variety of content and services that deliver new experiences.