Webtoon app Toonsutra bags $3.2M in seed funding
The funding round was led by German media leader Holtzbrinck Publishing Gorup.
Webtoon app Toonsutra on Wednesday closed a $3.2 million seed funding round led by German media company Holtzbrinck Publishing Group.
The round also saw participation from venture funds GMJP, T-Accelerate, and Google. Additionally Indian comic and animation creator, Graphic India, also participated in the funding round.
“With over two million downloads and growing, Toonsutra has shown that Indian audiences are ready to embrace a new era of digital fandom and storytelling. As a lifelong comic book fan and creator, I’m thrilled to bring the best comics and webtoons from around the world into India’s local languages for the very first time,” said commented Toonsutra Co-Founder & Chairman, Sharad Devarajan.
“This is an incredible opportunity to introduce millions across the country to the transformative power of this medium while inspiring a new generation of Indian comic and webtoon creators to share their stories and redefine global pop culture,” Devarajan added.
Toonsutra caters to a range of Indian audiences with content offerings in Hindi, Tamil and Telugu languages. It has partnered with global publishers to bring over 3100 titles and 500,000 episodes to its platform.
The funding announcement comes amidst a surge of activity in the global webtoon market following the recent $2.7 billion IPO by Naver’s Webtoon Entertainment division.
“Toonsutra represents an exciting confluence of digital innovation and cultural resonance in one of the world's most dynamic markets. Their impressive growth and leadership position in India's mobile comic space demonstrates the team's deep understanding of both content and technology,” said Filmon Zerai, COO of Holtzbrinck Publishing Group.
Toonsutra had previously raised $1.1 million in pre-seed funding in 2022, according to Tracxn. Previous investors in the company include Sony Innovation Fund, Maiora Capital, and leading startup veterans including Rotten Tomatoes co-founder Patrick Lee and former CEO of Americas at CJENM Steve Chung, among others.
Edited by Affirunisa Kankudti