Nex has secured $150 million in funding as sales of its family-oriented active console, Nex Playground, exceed one million units.
Nex Playground’s subscriber base has increased sevenfold over the past 18 months and is nearing one million active subscribers. Nex anticipates surpassing this milestone by the end of the year.
The Series E funding round was co-led by Baillie Gifford and BAI Capital, with additional participation from NBA Investments, Logitech, Medici Capital Partners, and the Raine Group. Nex Team also secured a new credit facility with JPMorgan.
This investment will support Nex’s international expansion, including entry into Germany later this year and into Japan and Korea in 2027. It will also fund inventory, supply chain, and go-to-market initiatives.
Nex will continue to prioritize growth in the US, UK, and Ireland. President Thomas Kang recently told GamesIndustry.biz that the UK launch is “beating forecasts, which is a good sign.”
Alongside the funding announcement, Nex appointed Jeff Shouger (formerly of Niantic and Zynga) as CFO. He will join the board of directors beside veteran gaming and technology executive Bing Gordon.
“Families have timeless needs: to move, grow, connect, and have fun. The response to Nex Playground has shown us that active play can serve those needs at a meaningful scale,” said Nex CEO and co-founder David Lee.
“We are building Nex to be a 100-year company. 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.”
Baillie Gifford private companies investor Alexander Nicolier added: “Through active play,
Nex is showing that the family room can once again become a place of laughter, entertainment and togetherness.”
“The console makes it remarkably easy for families to get up and moving, while a growing library of games available through subscription gives Nex the opportunity to build a lasting relationship with them. As long-term investors, that combination is particularly exciting: we are backing a company that can continue to delight its customers while compounding value over many years. That is rare in gaming.
“We are delighted to lead this round alongside BAI and look forward to supporting David Lee and his team as they pursue their ambitious global vision.”