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Spain’s SETT Invests $7.3 Million in New Canary Islands Animation Company Amuse Labs
The Spanish government, through its state-backed investment vehicle SETT, is investing €6.4 million ($7.3 million) in Amuse Labs, a newly established animation company based in Las Palmas de Gran Canaria, as part of efforts to make the Canary Islands a global hub for children's intellectual property. The move gives SETT a 48% stake in the studio, with animation firm Amuse Studios becoming its second-largest shareholder, and forms part of a wider push to develop Spain's audiovisual sector while attracting international production and investment.
The deal combines $15.1 million in public and private capital and is expected to support animation projects worth up to $22.9 million, allowing Amuse Labs to manage everything from writing and production to distribution, licensing and merchandising as it expands into North America, Asia, the EU and the UK. The investment is projected to create around 40 direct jobs and 150 indirect positions, and brings Spanish government commitments to the Canary Islands' audiovisual industry to nearly $46 million over the past two months, following similar backing for animation studio Anima Kitchent and a venture with South Africa's Known Associates Group.
In short
- Spain invests $7.3m in Canary Islands animation studio Amuse Labs
- SETT takes 48% stake to boost children's IP production
- Deal expected to create roughly 190 jobs and fund expansion abroad
Explained simply
The Spanish government is investing in the animation industry in the Canary Islands, a Spanish territory in the Atlantic Ocean. It has created a state investment vehicle called SETT to fund animation companies in the region, with the goal of establishing the Canary Islands as a hub for producing children's entertainment.
The Canary Islands has historically relied on tourism for its economy, so the Spanish government is attempting to diversify by attracting animation studios and creative talent. By backing animation companies that can produce, distribute and sell their work globally, the government hopes to create new jobs and generate economic activity beyond the tourism sector.
This investment represents part of a larger regional development plan. The Spanish government has committed substantial funding to the animation industry in the Canary Islands over recent months, backing multiple studios as it works to establish the region as a centre for global animation production.
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