US-based early learning toy producer Lovevery has received $100m in a series C round featuring internet and technology group Alphabet.
The round was led by The Chernin Group (TCG) and backed by philanthropic investment vehicle Chan Zuckerberg Initiative, Reach Capital and SoGal Ventures, while Alphabet invested in the company through corporate venturing vehicle GV.
Lovevery provides early learning systems and play kits to help children build brain connections and explore their surroundings. Its products include a miniature play gym, a toy set containing cards, a building block set, puzzles and wooden books.
The company has recently launched a mobile app for parents, The Lovevery App, which provides them with support including activity ideas, digestible research, live expert Q&As and other resources tailored to a child’s developmental stage.
The proceeds from the round will support the company’s international expansion and accelerate the growth of its platform, app and library of e-courses.
GV had previously backed the company in a $20m series B round led by venture capital firm Maveron in October 2019. that also featured Reach Capital, Collaborative Fund and Chan Zuckerberg Initiative. It had raised about $6m in equity funding in 2018, according to a securities filing.