US-based early learning toy developer Lovevery completed a $20m series B round on Tuesday that included GV, a corporate venturing subsidiary of internet and technology conglomerate Alphabet.
The round was led by consumer products-focused venture capital firm Maveron and also featured fellow VC firms Reach Capital and Collaborative Fund as well as philanthropic investment vehicle Chan Zuckerberg Initiative.
Lovevery creates toys that aid the development of young children, incorporating the recommendations of child development experts into their functionality. Its products include a miniature play gym, a toy set containing cards and puzzles, and a newly-launched building block set.
The series B cash will be used to expand the company’s product range and fund the development of new digital features for the toys.
GV partner Laura Melahn has taken a board observer position at Lovevery along with Maveron partner Cat Lee. Another partner at Maveron, Jason Stoffer, is joining its board of directors.
Lovevery secured about $6m in equity funding in June 2018, as part of a round with a targeted close of $9.6m, according to securities filings. Media reports indicated Reach Capital was among the investors.
Roderick Morris, co-founder and president of Lovevery, said: “Our subscriber base has grown more than 10 times in the past year, and as we have reached critical mass, the parents we serve have been asking for new ways to connect with Lovevery and with each other.
“The unique blend of consumer and technology expertise our investors bring to Lovevery is well aligned with our vision of a holistic support system for parents that spans products, information and community in a transformative way.”