Nex, the company behind the popular family gaming console Nex Playground, has secured more than $150 million in new financing to support expansion across retail distribution and help grow its content ecosystem with major gaming and entertainment partners. According to Nex, the company plans to roll out “connected play,” which will allow families to play together on its fitness-centric gaming consoles across households and distances. Led by CEO David Lee, Nex also plans to expand across Europe and Asia, following its recent expansion into Canada, the U.K. and the Republic of Ireland.
Nex will move into Germany later this year, with Japan and Korea planned for 2027. Nex Playground‘s current lineup consists of 60 games, including globally recognized franchises and characters such as “Bluey,” Barbie, “Kung Fu Panda” and “Peppa Pig,” with experiences spanning music, sports, fitness, party and learning. The slate will continue to grow this fall and holiday season with “NFL Flag,” “Dude Perfect Trickshot Challenge,” “PAC-MAN” with Bandai Namco Entertainment and more.
The late-stage funding comes in the same year that Nex Playground crossed more than one million units sold, with the system now distributed across more than 7,000 U.S. retail locations, including Costco, Sam’s Club, Target, Walmart and Best Buy. Nex’s subscriber base has grown sevenfold over the past 18 months and is approaching 1 million subscribers, a milestone the company expects to surpass by year-end. This new round of financing includes a Series E led by Baillie Gifford and BAI Capital, with participation from NBA Investments, Logitech, Medici Capital Partners, and the Raine Group, alongside a new credit facility with JPMorgan.
Additionally, Nex has brought on Niantic vet Jeff Shouger as its chief financial officer and set Shouger and gaming and technology industry veteran Bing Gordon as new members of the company’s board of directors. The response to Nex Playground has shown us that active play can serve those needs at a meaningful scale,” Lee said. This investment gives us the resources to bring active play to millions more families around the world, and Jeff and Bing bring extraordinary experience building enduring gaming and technology companies.
I’m thrilled to have them with us for this next chapter.”
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