- Amid a toy retail transformation, Lovevery, which offers children’s toys and educational content, unveiled the Lovevery app, which provides parents and caregivers with activity ideas, easy searches. understand, live expert Q&A and other resources for their child’s developmental stage, the company announced on Thursday. The app, now available on iOS, serves its Play Kits subscribers with children aged 0-12 months.
- The startup also announced that it has raised $ 100 million in Series C funding from TCG, the Chan Zuckerberg Initiative, GV (formerly Google Ventures) and several other investors. The company said it plans to use the capital to support its global expansion, digital growth and the development of content for parents.
- The company said it has more than 220,000 active subscribers to its Play Kits program and has shipped more than one million kits in the past year.
In recent times, investors have been wowed by digitally native brands and DTC. Alongside Lovevery, Quip, All birds and beauty pie each raised $ 100 million recently, while the sportswear brand DTC Vuori made $ 400 million.
Lovevery’s growth over the past year included expanding its product line, launching an exclusive product line with Target, and expanding its subscription service to Europe. The startup also touted its new proprietary, mobile-friendly subscription platform that has helped streamline its operations and service subscribers around the world.
“Lovevery Now Generates Over $ 100 Million Subscription [annual recurring revenue], and our recurring revenues have grown over 100% year over year, ”Roderick Morris, co-founder and president of Lovevery, said in a statement. “The investment led by TCG further strengthens our ability to add talent and capabilities in content, technology and other critical functions that support the continued growth and expansion of the business.”
As Lovevery launches its mobile app, the toy industry transforms to please a new generation of digitally savvy children. Although Toys R Us filed for bankruptcy and liquidated all of its more than 700 stores, the company is making a comeback in the establishment of 400 shop-in-shops within Macy’s in 2022.
This year, being a toy retailer is particularly difficult. Given the supply chain restrictions induced by the pandemic, toy manufacturers are concerned about their products arriving in stores for the all-important holiday season.