China-based robotic toy manufacturer Makeblock has closed a $30m series B round co-led by Evolution Media China, an investment arm of corporate-backed joint venture Evolution Media Partners.
Venture capital firm Shenzhen Capital Group co-led the round, which valued Makeblock at $200m. Evolution Media China was launched in early 2016 to make investments in Asia-based startups operating in the media, entertainment, sports, technology, advertising, internet and lifestyle sectors.
Founded in 2011, Makeblock produces more than 500 mechanical parts and electronic modules that, along with a programming learning platform, can be used to build robotics toys. The company targets students, hobbyists and teachers.
Makeblock will use the cash to open offices in Beijing and Hong Kong as well as in Japan, the Netherlands and North America. The money will also support further product development and an expansion of its retail presence.
The company has now raised $36m in total funding, according to its latest press release, though it is not clear whether that amount includes its crowdfunding campaigns.
Deals database PitchBook lists a $6m series A round in 2014 provided by VC firm Sequoia Capital and an undisclosed amount in seed capital raised over two tranches in 2012 and 2013 from VC fund SOSV.
Jason Ding, president of Evolution Media China, said: “We are excited to support Makeblock at this pivotal point in their growth as they continue to elevate STEM education to a new level.
“STEM education is the next industry to experience deep disruption, following in the footsteps of the mobile, [internet-of-things] and virtual reality industries.
“Over the past few years, Makeblock has been leading the charge in creating practical products for STEM education in the classroom and at home, and we believe this is just the beginning of their path to transforming education.”
Evolution Media Partners is a joint venture between movie production firm Participant Media, growth equity fund TPG Growth and Evolution Media Capital, itself backed by talent agency Creative Artists Agency.