SNP Entertainment, an online game developer, received $2.1 million in series A financing from IDG Ventures Korea, a global venture capital firm.
SNP Entertainment (www.snpent.net, Young IL Song, CEO) has created “Dance Fever", a community based dance game platform. Dance Fever is different from previous casual online dance games in that in addition to the usual dance battles that can be played, there is also a community of active members that can interact with each other. Also, the members can watch and listen to both the old and the new music videos and songs through the platform while enjoying the game at the same time.
IDG Ventures Korea, which led the investment, is part of the IDG Ventures network and it started the Korea operation in October, 2007. IDG Ventures previously made an investment in “Audition Online", which is one of the biggest hit online dance games in the world. After achieving a huge success through “Audition Online", IDG was looking for another online game that could generate the same type of success. At the same time, SNP Entertainment was looking for a strategic partner for penetrating into the global market including China and IDG seemed to be the perfect fit.
Instead of taking the ordinary route, SNP’s Dance Fever will be launched first in overseas and then be introduced in Korea. As the next move, SNP is looking to sign contracts with the big foreign publishers.
“After the success of Audition Online, we were looking at other dance game developers and we ended up choosing SNP", said Sung Tae Jin, Partner at IDG Ventures Korea. He added that Young IL Song, CEO of SNP Entertainment has the previous experience of successfully developing O2Jam, an original online casual rhythm game. In addition, not only he has excellent technology and great understanding of the music/dance games, but he is also capable of implementing various types of media platforms including In-Game-Ad, music supply channel, and music video showcases". When asked why IDG chose to invest in SNP Entertainment, Mr. Jin said “SNP was targeting not just the local, but also the global market and it became an important factor in making the investment decision".
In response, Mr. Song stated, “IDG is not simply a financial investor, but also a strategic partner that can help us become a successful global game developer and digital multi-media platform provider. With the investment, SNP is planning develop online dance games that can be played in the new forms of consoles and PCs. The firm also plans to utilize IDG’s global network in becoming a globally competitive digital online entertainment media firm".
It is truly exciting that SNP Entertainment was able to team up with a strong partner like IDG, which has previous successful experience including Audition Online in China.