The manufacturer of the family console Nex Playground has received $150 million from investors
The American company Nex, which created the Nex Playground console, has some good news. It has managed to secure multimillion-dollar investments as part of its Series E funding round.
The funds were provided by Baillie Gifford, BAI Capital, NBA Investments, Logitech, Medici Capital Partners, and The Raine Group.
Nex plans to use the $150 million raised to enter new markets. By the end of the year, it aims to debut in Germany, and by 2027, in Japan and South Korea. Additionally, Nex will continue to expand its business in the USA, the UK, and Ireland.
It is reported that along with the investments, Nex has secured a line of credit from JPMorgan, though the amount is undisclosed.
Nex Playground is an Android-based console primarily targeted at family audiences. It features a Kinect-like camera for sensing and tracking gamers' movements, allowing them to play without controllers. According to Nex's estimates, since its release in 2023, the console has sold over 1 million units.