Roblox picks up $150 million in funding round
The popular video game and its international success has attracted funds from around the world
Just by seeing how well video game companies are doing in the stock market makes it become clearer how this is an industry that will continue growing nonstop. Massive multiplayer online video game Roblox is capitalizing on the expansion and has just finished a Series G funding round in which it collected $150 million. The idea is to use these funds to invest in further technology and infrastructure, and this need comes from the fact that the company has grown exponentially, and now over 115 million people are playing the game.
This Series G funding was led by US firm Andreessen Horowitz, but also brought in several others, including Singapore-based investor Temasek and Chinese-based tech giant Tencent Holdings. Other investors participated, such as Altos Ventures, Meritech Capital and Tiger Global Management.
Roblox must be growing strong since it is already in plans to offer the company’s common and preferred shares for up to $350 million. Those 115 million monthly active users generate more than 1.5 billion hours of engaging playing time, and this cash injection will represent bigger facilities and better technology to make sure it keeps up with the demand. The company is currently valuated at $4 billion, according to a Wall Street Journal report, and less than two years ago, in September 2018, Roblox’s value was reported at $2.5 billion.
“Looking ahead, we’re doubling down on our commitment to building the most advanced tools and technology to take our creators and players into the metaverse of the future,” said Roblox co-founder and CEO David Baszucki. Roblox was founded in 2006 and is located in California. It self-proclaims that it is a community of creators that work on their own games to be played by other users.