Online gaming portal Roblox, now home to 115 million largely Gen Z players monthly, declared it has raised $150 million in Series G funding, headed by Andreessen Horowitz’s Late Stage Venture fund. The company may also open a tender offer for as much as $350 million of frequent and preferred shares, it says.
The corporate has previously provided stakeholders and employees liquidity utilizing periodic secondary offerings, as it believes in its long-term potential.
Others taking part in the Series G embody new traders Temasek and Tencent Holdings Limited, in addition to existing investors Altos Ventures, Meritech Capital, and Tiger Global Management.
The investment comes at a period of great growth for the gaming platform. Last summer, it was being used by 100 million users, topping Minecraft, and its developer community of more than 2 million actives earned $110 million last year— up from nearly $70+ million he year earlier and $40+ million back in 2017.
Since then, Roblox has invested in its developer business, with the release of new tools for building lifelike 3D experiences and a market where creators can sell their own development belongings and tools to others.
Roblox offers a platform for its developers to build upon, much like the App Store. Many of its hottest video games are free, instead of monetizing as players spend on in-game gadgets utilizing virtual money called Robux.
Players on Roblox usually do more than focus on meeting targets or tasks — they go online to hang out with friends in a gaming arena. Half of the weekly active users go to Roblox to play with friends.