Ukrainian media-tech company HOLYWATER attracts $22 million in investment
Ukrainian media company HOLYWATER has raised $22 million in Series A investment. The funding will be used to develop the micro-drama app My Drama and other products.
Ukrainian media company HOLYWATER has raised $22 million in Series A investment. The funding will be used to develop the micro-drama app My Drama and other products.
The company told Axios that the deal is «the largest investment in the microdrama space outside of Asia to date,» HOLYWATER co-founders and CEOs Bohdan Nesvit and Anatoly Kasyanov said.
HOLYWATER positions itself as an AI-first technology company. In addition to My Drama, it has My Passion for digital book publishing, My Muse for vertical videos created with generative AI, and Freebits for ad-supported vertical streaming.
The company claims to have tripled its revenue by 2025.
HOLYWATER’s funding round was led by private equity firm Horizon Capital, with participation from US investors including venture capital firm Endeavor Catalyst and media and entertainment company Wheelhouse.
Owl & Co. estimates that microdrama revenue will reach $3 billion globally by 2025, excluding China, nearly triple the previous year. The largest market was the United States, with $1.3 billion.
HOLYWATER launched My Muse — an AI-powered content platform where you can generate a series, audiobook, or interactive story — last fall.
Subsequently, the American company FOX Entertainment invested in the HOLYWATER platform. The partnership involves the co-creation of about 200 new vertical series.
Fox’s first series include «Billionaire Blackmail» and «Bound by Obsession.» HOLYWATER said it plans to leverage Fox’s existing portfolio of brands and talent, including actors Jon Hamm, Minnie Driver and Ken Chong.
The new funding will go towards developing new shows, expanding into new genres, and improving the distribution mechanism.
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