EDBI, the investment arm of the Singapore Economic Development Board (EDB) has announced its investment on Cityneon on Monday (26 Aug), The Straits Times reported.
According to the report, Cityneon creates licensed interactive exhibitions based on blockbuster entertainment franchises such as Marvel’s Avengers superheroes, Jurassic Park and the Transformers.
Without disclosing the amount, the fresh funding comes as the experience entertainment firm, recently delisted from the Singapore Exchange (SGX), continues to expand into new markets, including Scotland, India, the United Arab Emirates (UAE), and China
Speaking on the investment, Ron Tan, Group Chief Executive and Executive Chairman, Cityneon, said in a statement: “Today, approximately 90% of the group’s profits are derived from outside of Singapore. We intend to step up our pace of expansion”.
With EDBI’s extensive network, it will add significant value to the firm’s expansion worldwide.
Meanwhile, EDBI’s Chief Executive Officer and President, Chu Swee Yeok, said: “Cityneon is a homegrown company that has successfully transformed itself into an IP-focused global leader in immersive experiential entertainment from their traditional businesses.”
The company has demonstrated its ability to create “captivating storylines by localising multiple blockbuster IPs to thrill audiences across many cities,” she added.
Additionally, the report stated that the investment in Cityneon is aligned with EDBI’s strategic growth programme to support high-growth Singapore-based companies in their expansion plans.
“We look forward to Cityneon’s contributions to enhance Singapore’s attractiveness as a destination for immersive events while strengthening our design capabilities,” Chu continued.