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Roblox had announced this past week that it raised $520 Million Funding

2021-01-22 15:24:45

Roblox, an online gaming company for kids, announced this past week that it raised $520 million in a private funding round at a valuation of $29.5 billion. And the company also revealed that it will soon go public via direct listing. Roblox had filed to go public late last year.

The deal, expected to close in the first quarter, gives San Francisco-based SoFi a post-money valuation of $8.65 billion and is expected to provide up to $2.4 billion in cash proceeds, the company said in a written statement.

The Series H funding values the company at $29.5 billion and the proceeds from the financing will advance Roblox’s growth initiatives and mission to build a human co-experience platform that enables shared experiences among billions of users.

Roblox is expected to go public sometime in February. The company says it has over 31 million users for its games.

The gaming platform is played by over half of US kids under 16. Reacting to the new funding, David Baszucki, CEO and co-founder of Roblox said: ‘We look forward to working with all of our new investors as we continue our mission to build a human co-experience platform that enables shared experience, from play to work, and learning among billions of users.’

This round of funding was led by Altimeter Capital and Dragoneer Investment Group. Altimeter CEO Brad Gerstner told CNBC that “2020 is going to go down as the year the traditional IPO got disrupted.” Now companies have a menu of options including the traditional IPO route, direct listings, and going public through a special purpose acquisition company (SPAC).

Shares of Social Capital Hedosophia Holdings Corp V are currently trading on the New York Stock Exchange under the symbol IPOE. Following the announcement Thursday, the share price rose 57 percent in late afternoon trading.

“While once viewed as a gaming platform, Roblox has emerged as a definitive global community connecting millions of people through communication, entertainment and commerce,” said Brad Gerstner, CEO of Altimeter. “And as the world moves toward a hybrid future – where online and offline community and learning co-exist, we are proud to back a values-driven business that takes seriously its obligation to build an inclusive, creative, and positive community.”

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