Cityneon Holdings, a Singapore-based entertainment firm that provides immersive experiences, has raised S$150 million ($106.26 million) funding from 65 Equity Partners, an independently managed investment firm wholly-owned by Temasek Holdings.

Cityneon said in a statement on Wednesday 65 Equity Partners now joins existing major institutional investors and shareholders – CITIC Capital, Pavilion Capital, EDBI, Qatar’s Doha Venture Capital, and SeaTown Holdings International, veteran entrepreneur and investor Johnson Ko, as well as Executive Chairman and Group Chief Executive Officer Ron Tan, to form a new and strong investor base for the group’s future.

Cityneon concluded a round of private funding that raised S$235 million ($166.48 million) last April, and the collective funds raised will be utilized to further strengthen the Group’s growth trajectory and aspirations.

The funds raised will be strategically channeled towards the Group’s growth strategies globally, including expanding into new markets, acquiring of new intellectual property (IP), building up technological capabilities via the company’s in-house research and development (R&D) department, establishing new and profitable lines of businesses, and shoring up its balance sheet.

“We are excited to partner Cityneon’s management team in its next phase of growth. Cityneon has a unique franchise, which provides IP-based immersive entertainment where it has built a leading position globally supported by a portfolio of high quality IPs,

“This investment aligns strategically with our mandate of supporting high growth, leading businesses led by founders and entrepreneurs, to help them scale and fulfil their growth aspirations, as well as facilitating their eventual public listing” said Tan Chong Lee, Chief Executive Officer of 65 Equity Partners.

Further to its announcement, Cityneon also announced to rebrand to Neon.

The desire to rebrand Cityneon was driven by the Group’s enhanced vision to be the global leader in immersive entertainment while maintaining the link to its 65 years of legacy.

The word “NEON” stems from the Greek word, “neos”, which means “new”, and staying true to its meaning, NEON will strive to always be relevant, offering new, exciting and epic experiences for fans and families around the world.

“This successful round of funding is a testament of the confidence in the group and affirms our trajectory of growth as a global leader in creating unique, immersive experiences for audiences worldwide,

“With the support of 65 Equity Partners, and our strong stable of existing shareholders, we are excited about future opportunities as we continue to strengthen our capabilities and expand the reach of our portfolio of IP experiences to accelerate growth into 2023 and beyond,” said executive chairman and group Chief Executive Officer of Cityneon, Ron Tan.

“Our rebranding into NEON, encompasses our vision of the convergence of the physical and digital space, transcending geographical limitations and creating a fully integrated global experience for our visitors,” he added.

Emerging from COVID-19 and with a stronger balance sheet from the capital raised over the last two years, the company said it is ready for a new chapter of growth in 2023 and beyond.

According to the statement, the group recently expanded into new markets and experiences, working with the governments of Peru and Egypt to present two Original Artefact IP Experiences – Machu Picchu and the Golden Empires of Peru and Ramses the Great and the Gold of the Pharaohs, showcasing authentic historical artefacts to audiences in major cities around the world as well as signing two new global IPs with Warner Bros. Themed Entertainment and entering into a strategic partnership with the Qatar Free Zones.

During the year, it also saw strong performance in key exhibitions including the Jurassic World: The Exhibition in London, Ramses the Great and the Gold of the Pharaohs in San Francisco, and Marvel Avengers S.T.A.T.I.O.N. in Chile and Tokyo.

Exciting projects on the horizon include the world debut of Avatar: The Experience at the iconic Cloud Forest at Gardens by the Bay, Singapore on October 28, and Jurassic World: The Exhibition which will be launched in Japan in Spring 2023, and many more.

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