Nex raises $150M across Series E and new credit facility to expand its family gaming console
What's the deal? NEX, the company behind the motion-based family gaming console Nex Playground, has raised more than $150 million in a Series E round. Baillie Gifford and BAI CapitalDealroom has a profile for this one. Try Dealroom → led the round, with participation from NBA InvestmentsDealroom has a profile for this one. Try Dealroom →, LogitechDealroom has a profile for this one. Try Dealroom →, Medici Capital PartnersDealroom has a profile for this one. Try Dealroom →, and The Raine GroupDealroom has a profile for this one. Try Dealroom →, alongside a new credit facility from JPMorgan.
What's the endgame? NEX will use the money to widen retail distribution and grow its content ecosystem with gaming and entertainment partners. It also plans "connected play," letting families play together across households and distances.
Why now? The raise lands the same year Nex Playground crossed one million units sold. The console is now in more than 7,000 US retail locations, including CostcoDealroom has a profile for this one. Try Dealroom →, Sam's Club, TargetDealroom has a profile for this one. Try Dealroom →, WalmartDealroom has a profile for this one. Try Dealroom →, and Best BuyDealroom has a profile for this one. Try Dealroom →.
By the numbers: NEX's subscriber base has grown sevenfold over the past 18 months and is nearing one million, a mark it expects to pass by year-end. Its lineup spans 60 games, including Bluey, Barbie, Kung Fu Panda, and Peppa Pig, with NFL Flag and PAC-MAN due this fall.
Who's joining? NEX has hired Niantic veteran Jeff Shouger as chief financial officer. Shouger and gaming and technology veteran Bing Gordon join the company's board.
What's the plan abroad? After recent expansion into Canada, the UK, and the Republic of Ireland, NEX will enter Germany later this year. Japan and Korea are planned for 2027.
The signal: At more than $150 million, this is one of the larger late-stage rounds in the sector this year — a bet that motion-based, family-focused play can scale into a lasting consumer hardware business.
Read more: Variety
Image credit: NEX
