Legend Capital, one of China’s largest venture capital firms, has invested $10 million in South Korean visual effects shop Dexter Studios.
The move follows a similar investment in Dexter announced earlier this year by Dalian Wanda, China’s leading property to entertainment combine.
Dexter has rapidly become one of Korea’s top VFX firms supplying the burgeoning needs of the Chinese film and TV industries. It achieved its major break in China when it produced an animated gorilla for the Korean-Chinese co-production film “Mr Go.”
The deal was concluded recently and announced today in Korea, sources within Dexter told Variety.
Legend Capital is part of the giant Legend Holdings group, which is the majority shareholder in Lenovo, the world’s largest personal computer manufacturer. Legend Capital’s portfolio also includes Hony Capital, an investment pool which is a backer of Robert Simonds ambitious studio STX, and a stake in Shanghai Media Group. STX recently struck a co-financing deal with Huayi Brothers Media, China’s leading private sector film company, and the China distributor of “Mr Go.”
South Korean VFX and post-production houses have become the leading suppliers to the Chinese industry as they represent an ideal combination of proximity, similar working culture and value for money, a seminar at the Bucheon International Fantastic Film Festival heard.