Endeavor, Wheelhouse invest in Fox-backed Holywater

Endeavor and Brent Montgomery’s production outfit Wheelhouse are among companies investing a record $22m into Fox-backed microdrama outfit Holywater.

The funding round is the largest confirmed yet in the emerging microdrama market outside of Asia, Holywater said, with the move coming four months after it confirmed Fox was investing in the company.

The latest round was led by Horizon Capital, with Endeavor Catalyst and Wheelhouse among other US investors.

Holywater said the finance would be used “to build the mobile-first ‘Netflix’ for vertical video streaming” and accelerate AI-driven content ecosystem to include AI-enabled comics and anime.

The company, which counts 55 million users across apps that include MyDrama and My Muse, is behind shows such as The Mafia Beast Won Me in a Gamble, Young Elite, and Shy Beauty And The Billionaire Beast.

It is also working with Fox Entertaiment Studios (FES) on 200 new projects, with the first shows set to be unveiled within months.

FES is also looking to integrate Hollywood talent into some of the dramas it is producing with Holywater, and the company’s co-founder Bogdan Nesvit, has previously told Broadcast International he is looking to test out higher cost microdramas, which normally average at around $150,000 per 80-episodes.

Nesvit and fellow co-chief exec Anatolii Kasianov said the $22m funding round “sends a clear message to the industry: short-form, studio-quality storytelling is here to stay.”

The duo added: “Vertical series are no longer an experiment or an uncertain niche - they are proving to be a scalable, long-term format and AI-powered IP incubation engine for the next generation of global hits across multiple genres, far beyond microdramas.” 

Montgomery, chief exec at Wheelhouse, added: ”The next generation of entertainment is being built for where and how audiences consume content, and Holywater has created a standout vertical storytelling platform with a clear scalable monetisation engine.

“Wheelhouse has been building our internal AI and creative teams to further explore how these tools can unlock new forms of format development and production across our ecosystem of athletes, entertainers, creators and production companies. We see Holywater as a great fit for our strategy.”

Vasile Tofan, senior partner at Horizon Capital, added that Holywater had ”built a leading position in the emerging short-form content category” and that they were “looking forward to supporting the team as they continue to build a durable, category-defining business.”

Analysts have said revenues from the global microdrama market hit upwards of $7bn (£5bn) in 2025, with surging growth in the US in particular. China remains by far the genre’s biggest market.