Invisible Narratives raised $25 million from BC Partners Credit and Verance Capital in June, explicitly tied to its majority acquisition of Skibidi Toilet. The lenders envision more than $300 million flowing into creator IP through the platform. Two months later, Episode 80 arrived without creator DaFuqBoom.
The money behind Skibidi Toilet was settled two months before the franchise released an episode without the person who made it.
Invisible Narratives announced on June 17 that it had raised $25 million from BC Partners Credit and Verance Capital. The company was explicit about what the capital was attached to: its majority acquisition of Skibidi Toilet.
Longer term, BC Partners Credit has said it envisions deploying more than $300 million into the creator economy through the Invisible Narratives platform.
Why a toilet franchise attracted institutional capital
The numbers explain the interest.
Invisible Narratives reports Skibidi Toilet at 47 million subscribers and more than 20 billion views, alongside over $150 million in consumer spending and 8.7 billion visits across Roblox experiences.
That is not a viral video. That is a licensing business with a games footprint, and it is exactly the profile private credit looks for: an established audience, a repeatable format, and characters a company can defend ownership of.
The firm was founded in 2018 by Adam Goodman, former head of Paramount Pictures and DreamWorks Studios, with Michael Bay attached as creative adviser. It also appointed Mark Shedletsky as president alongside the raise, with responsibility for business operations and acquisitions.
Goodman said the company is in active conversations with studios and partners about film and television projects. Bay, for his part, has publicly denied involvement in a Skibidi Toilet movie despite the creative adviser credit.
The timeline is the story
Laid out in sequence, the past two months read differently than any single announcement did.
June 17 — the $25 million raise closes, tied to majority acquisition of the franchise.
Late June — Cartoon Brew covers an escalating dispute over who controls the IP, drawing on an investigation by a legal commentator into creator Alexey Gerasimov‘s situation.
August 7 — Rolling Stone reports that Gerasimov, known online as DaFuqBoom, and Invisible Narratives are not currently collaborating on new content, though their agreement technically remains in place.
August 14 — Episode 80 arrives, the first ever made without him.
Gerasimov has described feeling scammed and trapped, and says he remains contractually unable to speak freely. Those are his characterizations, and Invisible Narratives has not publicly disputed them in detail.
What the money actually bought
This is the part worth understanding clearly.
The investment was not a bet on more episodes. It was tied to acquiring majority control of an IP so it can be pushed into film, television, games, and licensing. Invisible Narratives describes its focus as passionate audiences, repeatable formats, and defensible characters or worlds.
None of those three things require the original creator’s participation. A franchise with 47 million subscribers and a Roblox footprint retains most of its commercial value whether or not the animator who invented it is still involved.
That is not a scandal by itself. It is how IP acquisition works, and Gerasimov sold. But it does explain why fans boycotting Episode 80 under a hashtag are unlikely to change the trajectory. The audience that made the franchise valuable is the asset. Their approval of who makes it is not part of the deal.
Article compiled and edited by Derek Gibbs (entertainment editor) and the Clownfish TV newsroom.
D/REZZED is part of Clownfish TV. For more news, views, and rants on gaming, tech, and pop culture, subscribe at clownfishtv.com. Watch the show on YouTube at @ClownfishTV where new episodes drop daily. Subscribe to the Clownfish TV podcast on Apple Podcasts, Spotify, iHeart, and wherever else you get your podcasts.
Hat Tips:
Variety (June 17, 2026), verified for the $25 million from BC Partners Credit and Verance Capital, the capital being tied to the majority acquisition, the more than $300 million longer-term creator economy ambition, Mark Shedletsky’s appointment, Adam Goodman’s background and founding of the company in 2018, Michael Bay as creative adviser, and Goodman’s active-conversations quote
C21Media (June 2026), verified for the investment criteria around passionate audiences, repeatable formats and defensible characters, Shedletsky’s remit over business operations and M&A, and the company’s prior Twitch, HBO Max and STX projects
The Drop (June 2026), verified for the 47 million subscribers, 20 billion views, over $150 million in consumer spending, and 8.7 billion Roblox visits
Cartoon Brew (June 30, 2026), verified for coverage of the escalating dispute over franchise control and Alexey Gerasimov’s situation, and for Michael Bay’s public denial of involvement in a Skibidi Toilet film
Rolling Stone via Dexerto (August 7, 2026), verified for Gerasimov and Invisible Narratives not currently collaborating while their agreement remains in place