Safehouse raises ₩1 billion in pre-Series A funding

Genre-focused story production studio Safehouse announced on the 15th that it had raised a total of KRW 1 billion in pre-Series A funding from venture capital firm We Ventures. The investment brings Safehouse’s total funding to KRW 3 billion.

Safehouse develops original story IP in the form of genre fiction that can serve as source material for films, TV dramas, webtoons, and other formats. Since publishing its first original work, Massacre at New Seoul Park Jelly Shop, in February 2019, the company has developed more than 70 story IPs. Cho Yea-eun’s Massacre at New Seoul Park Jelly Shop has remained popular since publication, thanks to its striking premise: an amusement park where visitors eat jelly handed out by a mysterious jelly vendor and melt into sticky goo.

Author Kim Hyo-in’s sci-fi story Joan, the Alien is a leading example of a secondary adaptation developed by Safehouse in collaboration with a partner. Published in 2019 after winning a fine-dust-themed story competition, the novel was adapted the following year into an original webtoon for RIDI Books. It was also adapted into the 2020 sci-fi cinematic drama SF8 and released as an original series on Wavve. The romance, set in a future blanketed in fine dust, has been praised for resonating strongly with contemporary audiences.

Both Safehouse’s original content and the more than 15 adaptations developed through the company share a distinctive quality: each creator’s strengths meet the edge of genre storytelling to maximize a work’s appeal. This is made possible by Safehouse’s in-house production system, which helps creators’ distinctive stories meet the strengths of different media and take shape in a range of formats. This is why Safehouse has attracted significant attention not only from storytellers but also from the broader content industry.

Park Hyuk-jin, a senior team leader at We Ventures, explained the rationale for the investment: “Safehouse has built a sustainable IP development system that discovers new genre storytellers and produces stories with them. Despite launching its IP business in earnest only late last year, the company has grown rapidly, securing more than 70 IPs and building a strong track record of adaptations. We expect content providers (CPs) to evolve from traditional content providers into active content producers, and Safehouse is well positioned to meet this market shift with distinctive production capabilities.”

Safehouse CEO Kim Hong-ik said, “I see this investment as recognition of Safehouse’s production system. We have delivered a satisfying response to a market and industry that have been waiting for strong original story IP. This investment gives us the momentum to work with more creators and take a more proactive approach to developing story IP in a range of formats. We will create new and varied opportunities to help great Korean stories reach global audiences.”

Since its founding in 2017, Safehouse has published 25 books as of September 2021, including original novels such as That Day, That Place and The Savior Who Comes at Night, as well as short story collections and anthology series. It has also released serialized content, including KakaoPage original The Last Day of the Underworld and Millie’s Library originals Modern Tale and City, Youth, Horror.

Safehouse: https://safehouse.kr/