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Photo courtesy of Invisible Universe

Invisible Universe, a self-described “Pixar of the internet,” has raised $12 million in Series A funding to build out its animated franchises.

Seven Seven Six, the venture capital firm of Reddit co-founder Alexis Ohanian, led the fundraising round. Cosmic Venture Partners, Dapper Labs and Spencer Rascoff’s 75 & Sunny participated in the raise, too. (Disclosure: Rascoff is co-founder and executive chairman of dot.LA.)

L.A.-based Invisible Universe partners with high-profile celebrities to create original animated characters that live on social media. Examples include Squeaky & Roy—the apparent long-lost toys of TikTok stars Charli and Dixie D’Amelio—as well as Qai Qai, a living doll that belongs to tennis legend Serena Williams’ daughter (Williams is married to Ohanian).

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Mickey Mouse has won the latest battle in the streaming wars—but at a big cost.

Burbank-based Walt Disney Co. surpassed Netflix in total subscribers after signing up way more customers than expected during its most recent quarter. The strong growth helped boost the company’s share price in after-hours trading on Wednesday and signaled that the streaming market isn’t nearing saturation yet—despite the recent doom and gloom surrounding the business.

Yet Disney also lost $1.1 billion on streaming during the fiscal third quarter, much more than the roughly $300 million lost this time last year. That’s likely a big reason why the company also announced price hikes for Disney Plus—its flagship streaming service— as the entertainment giant tries to generate more revenue from the money-losing business.

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