DNEG Acquires Canary Islands' Anima Kitchent with €24.9M SETT Investment to Build Major European Animation Studio
By
John Hopewell
Slow-proofed and worth the wait. Worth its weight in flour.
Summary
VFX giant DNEG, backed by Spain's state-owned SETT fund (€24.9M investment), has acquired Canary Islands-based animation studio Anima Kitchent. The joint investment will be channeled through DNEG's ReDefine Originals, with the goal of growing Anima Kitchent into one of Europe's largest studios, employing 500-1,000 people.
Key quotes
· 3 pulledThe operation is backed by the support of the state-owned Spanish Society for Technological Transformation (SETT), a sovereign venture capital fund which has invested €24.9 million ($28.8 million) in Anima Kitchent.
The joint investment, which sees both entities becoming Anima Kitchent shareholders, will be channelled via DNEG's ReDefine Originals, an animation studio and creative incubator.
With DNEG and SETT new shareholders, the objective is to grow Anima Kitchent into one of the largest studios in Europe with 500-1,000 employees.
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