Cuneo, the VC firm led by Peter Cuneo, initially funded Herotainment six months ago, says Cuneo, who is managing principal of the firm. Cuneo & Co. made another investment in late summer, he says. Cuneo declined to disclose how much was invested. “With both transactions we now have a minority stake,” he says.
New York-based Herotainment is led by husband and wife team, Wade and Caryn Teman. The company’s flagship property is Herotopia, an online game geared to children aged 6 to 12. Launched six months ago, Herotopia lets kids create their own Superhero avatar. The kids, while in character, travel to both real and fantasy locations around the world, and also learn how to deal with bullying, says Cuneo.
Herotainment is Cuneo’s first investment in the online gaming sector. “We think the characters are terrific,” he says. “This is an area where there is a lack of quality games for this demographic.”
Cuneo will join Herotainment’s board alongside his son, Gavin, who is co-principal of the VC firm.
Other Herotainment partners include Jagex Games Studios, which is the U.K. company behind RuneScape. Penguin Children’s Books will also be putting out books, both digital and print, based on the Herotopia characters, Cuneo says.
Peter Cuneo is the former CEO of Marvel Entertainment. He founded Cuneo & Co. in 2009. The New York VC invests in consumer, retail, media and entertainment. The VC has made seven investments, including Valiant Entertainment, a comic book company.