Paragon Pictures on Tuesday announced that it has raised undisclosed Pre-Series A funding from SALT Ventures and Inter Studio. The production house is known to be under the umbrella company of Ideosource Entertainment, a subsidiary of NFC Indonesia and M Cash, who also happens to be its existing investor.
The additional funding will be used to produce several new Intellectual Properties (IP) in various formats, including live streaming content on Gojek’s GoPlay platform, children animation, series for OTT platforms, and feature films.
“Our vision is to produce local content in various formats with a unique, fresh perspective for local and international audiences,” said Paragon Pictures CEO Robert Ronny.
The company has previously produced content such as Losmen Bu Broto, Backstage, Ini Budi animation series, to JKT 48 live streaming content on GoPlay.
Managing Partner SALT Ventures Andika Sutoro Putra described the Indonesian film industry as a “pent-up demand industry”, meaning that consumer demand for Indonesian filmmakers will skyrocket following the end of the pandemic.
Kevin Sanjoto, Partner at Inter Studio, said, “In my opinion, from the perspective of geography, politics, and culture, Indonesia is a big and unique market with a wide array of local wisdom in each of its regions… From this unique setup, [we can see that] there remains a great opportunity for the Indonesian content ecosystem to grow extensively.”
Intern Studio Group itself is a production house with more than 50 years of history in the country.
Ideosource Entertainment CEO Andi S. Boediman said that this investment will open more collaboration opportunities with Inter Studio in developing new films based on the IP assets owned by the company.
Since 2018, Ideosource Entertainment has been involved in investing in various local film productions such as Keluarga Cemara, Gundala, Sobat Ambyar, dan Bebas. They have also invested in various digital platforms such as GoPlay and Cinepoint.
Previously, Visinema was an example of Indonesian production house that has raised funding from a venture capital firm. In a Series A funding round led by Intudo Ventures, the company managed to secure IDR45.5 billion (US$3 million).
IDN Media had also founded IDN Pictures by acquiring Demi Istri Production.
The article Paragon Pictures Umumkan Pendanaan Pra-Seri A dari SALT Ventures dan Inter Studio was written by Randi Eka Yonida in Bahasa Indonesia for DailySocial. English translation and editing by e27.
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