Fuhu, a US-based developer of software and hardware products for children, has agreed to an acquisition by toy manufacturer Mattel that will give exits to a range of corporate investors.
Founded in 2008, Fuhu produces a range of tablets, as well as accessories, wearables and apps directed at children under a brand called Nabi.
The company had raised $65m in funding, according to SEC filings, from electronics producer Acer, entertainment studio Dreamworks, contract electronics manufacturer Foxconn, computing equipment maker Kingston Technology, telecoms firm KDDI, customer service provider Alorica and semiconductor producer Via.
The forthcoming Mattel acquisition was announced at the same time as Fuhu revealed it has filed for Chapter 11 bankruptcy protection. Mattel is set to acquire Fuhu’s assets for $9.5m and is supplying an extra $3m in emergency funding according to the bankruptcy filing.
Although not listed among Fuhu’s investors on its website, the company has also received funding from UMC Capital,which acts as semiconductor manufacturer UMC’s corporate venturing arm, as well as Industrial Bank of Taiwan.
Bryan Cave and Pachulski Stang Ziehl & Jones are acting as Fuhu’s legal advisors. FTI Consulting is serving as financial advisor and KRyS Global USA as its investment banker.