Nex has recently garnered $150 million in investment, driven by the impressive sales figures of its Nex Playground console, which now boasts sales of over a million units.
The subscriber count for Nex Playground has seen a formidable growth, expanding by seven times over the last year and a half. It is approaching one million active users, with expectations to reach this target before the year’s end.
The latest funding surge came from a Series E round, spearheaded by Baillie Gifford and BAI Capital. Other contributors included NBA Investments, Logitech, Medici Capital Partners, and the Raine Group. Additionally, Nex Team has procured a new credit arrangement with JPMorgan.
This financial boost is intended to aid Nex’s global outreach plans, such as its step into the German market later this year and an extension into Japan and Korea by 2027. Funds will also reinforce inventory management, the supply chain, and marketing efforts.
Nex’s focus will remain on expanding within nations such as the US, the UK, and Ireland. President Thomas Kang recently shared with GamesIndustry.biz that the UK rollout is outperforming expectations, highlighting a positive trend.
Together with announcing the funding, Nex declared the appointment of Jeff Shouger (previously with Niantic and Zynga) as Chief Financial Officer. His addition to the board of directors includes joining seasoned executive Bing Gordon.
“The enduring needs for families are to remain active, develop, bond, and enjoy themselves. Nex Playground’s impact has revealed that active gaming can fulfill these requirements on a significant scale,” remarked CEO and co-founder David Lee.
“Our vision is to build Nex into a company lasting a century. This infusion of capital enables us to reach more families with our products, and having Jeff and Bing on board provides invaluable expertise in forming long-lasting enterprises in the gaming and tech sectors. I’m excited about this new phase.”
Alexander Nicolier, an investor from Baillie Gifford, commented: “Nex is demonstrating that family spaces can once again be filled with joy and interaction through active gaming.”
“The console simplifies motivating families to become active, and with an expansive selection of games availableg bonds with users. As long-term investors, this is particularly appealing: Nex combines consumer satisfaction with sustained growth potential over the years, which is rare in the gaming industry
“We are pleased to co-lead this investment round with BAI and are eager to support David Lee and his team on their ambitious global journey.”
