Nex Playground announces $150m in new funding as hardware sales pass one million

Nex Playground has raised $150 million in a Series E funding round led by Baillie Gifford and BAI Capital, with additional backing from NBA Investments, Logitech, Medici Capital Partners, and the Raine Group. The company also secured a new credit facility with JPMorgan to support its growth initiatives. Nex plans to use the funds for international expansion, including launches in Germany this year and Japan and Korea in 2027, while continuing to prioritize the US, UK, and Ireland markets.

The funding announcement coincides with Nex Playground's hardware sales exceeding one million units, a milestone achieved within 18 months of its launch. The company's subscriber base has grown sevenfold during the same period, nearing one million active users, and Nex expects to surpass this figure by the end of the year. President Thomas Kang noted that the UK launch is "beating forecasts," signaling strong early adoption in the region.

Nex has appointed Jeff Shouger, former CFO of Niantic and Zynga, as its new CFO and a board member. Veteran gaming executive Bing Gordon has also joined the board. The appointments follow Nex's rapid growth and aim to leverage their experience in building enduring gaming and technology companies. CEO David Lee emphasized the company's long-term vision, stating Nex is "building Nex to be a 100-year company."

Nex Playground positions itself as a family-oriented active console designed to encourage movement and connection through gaming. The console's ease of use and expanding subscription-based game library are intended to foster long-term customer relationships. Investors highlight the combination of hardware sales and recurring revenue as a key driver of Nex's potential for sustained growth in the gaming market.