Kid-centric social game and entertainment company Herotainment has received an unspecified additional investment from Cuneo & Co., the venture capital firm led by managing principal Peter Cuneo.
Cuneo was with Marvel Entertainment until 2009, as chief executive officer and then as vice chairman of the company’s board of directors. He and co-principal Gavin Cuneo will join the board of Herotainment to help build the global children’s entertainment brand.
Herotainment will use the funding to expand its Herotopia game, in which kids create their own superhero alter ego to battle relatable evils like bullies. In addition, it will support the company’s first mobile game, Tango Chase, which is expected to launch early in 2012.
“Herotainment’s flagship product, Herotopia, has a strong brand, great characters and a story that is being embraced by children worldwide, and applauded by children’s media experts,” Peter Cuneo said. “We are excited to support the continued rise of this new, uniquely focused children’s brand, both online and offline, through other media and consumer products.”
During 2011, Herotainment signed a publishing deal with independent games company Jagex Games Studio, best known for RuneScape, and a multi-year partnership with Penguin Children’s Books to extend the characters to print.
“We are creating a new generation of superheroes and Cuneo & Co.’s extensive experience building multi-billion dollar entertainment brands will be an invaluable asset,” said Herotainment co-chief executive officer Wade Teman said. “Having successfully led the entertainment giant Marvel, Peter Cuneo is the ideal partner for Herotopia and Herotainment.”
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