Webtoon platform Toomics says that it will develop an independent webtoon ecosystem through a recent investment of 13 billion won from Korea Investment Partners and Interbest.
Toomics plans to invest the funding in creating a better environment for webtoons by increasing the amount it pays artists, so they can focus on producing high-quality content. The company plans to produce more than 100 profitable artists over the next year.
“This investment has acknowledged the potential of Korea’s webtoons, as well as Toomic’s expertise in operating (such a site).” says CEO Kim Sungin. “We’ll create an ecosystem where high-quality work can be produced for both writers and readers, and get ready to develop a second business, as well as enter the overseas market.”
Korea Investment Partners’ funding followed the company’s growth over the last year or so. “We decided to invest after reviewing the remarkable growth that Toomic’s has achived in a short period of time, boosting the company’s value,” said Executive Director of Investment Min-sik Park.
Toomics launched its online webtoon service in June 2015, that just eight months later was already receiving 100 million page views per month. The site, which has more than 1000 webtoons, has grown to more than 8 million members and has also manged to earn 200 billion won in revenue.
Webtoons are a booming industry in South Korea, with more than 30 competing mobile platforms on the market. Most recently, many Korean dramas have used the stories of popular webtoons with great success.
