Cityneon raises money from Temasek-backed fund

Ron Tan, CEO of Cityneon, had some good news to share when I visited his house earlier today. Temasek-backed 65 Equity Partners has just invested S$150m in his company. The latter joins institutions like China’s CITIC Capital, Qatar’s Doha Venture Capital, and fellow Temasek-linked funds Pavilion and Seatown as shareholders.

Cityneon operates exhibition sets based on exclusive IP rights for coveted franchises like Avengers, Transformers and Harry Potter.

Ron privatised Cityneon in 2019, valuing the company at S$318m. The offer price of $1.30 was a record, which made investors happy. Following a strong rebound after Covid, it raised S$235m last year, valuing the company at over S$1 billion! Ron seems to be making some serious money from fun.