Titan Investments, Hilmar Gunnarsson and Bru II Venture Capital Fund have together purchased a majority in CAOZ, a leading 3D animation studio now working on its first full-length feature film, Thor. Several current shareholders and key management participated in the financing round as well. In addition to investing in the company the new investors are providing a portion of the project financing for Thor, which is now fully financed and moving into full production. The total value of this agreement is approximately 1,8 million Euros.

“The people at CAOZ have built up tremendous knowledge and skills in CG animation and are at the forefront of this industry,” said Skuli Mogensen, Chairman of Titan Investments. “It will be really exciting to help the company grow and reach its full potential over the next few years.”

“We see great potential in CAOZ to produce cutting-edge 3D animated movies and related products for international markets and are determined to build a world-class 3D animation studio here in Iceland,” said Hilmar Gunnarsson.

“Companies like CAOZ are important for the Icelandic economy, and the investment by Titan and Hilmar in CAOZ is therefore a very positive step overall,” said Sigurdur I. Bjornsson, board director in Bru II Venture Capital Fund.

Thor – The Edda Chronicles is the first full-length 3D animated movie produced in Iceland and has been in development at CAOZ for several years. The total production budget for Thor is around 7,2 million Euros. The film is being co-produced by CAOZ, Ulysses Films in Germany and Magma Productions in Ireland.

“I’m very happy to have on board investors with such experience to help CAOZ scale up its operations,” said Arnar Thorisson, chairman of CAOZ. “We are now heading into full production on Thor and the company will be adding significant number of people in the next few months.”

For more information please contact:

Hilmar Sigurdsson, CEO
hilmar@caoz.com
+354 512 3550