Nex, the company behind the active play console Nex Playground, has secured more than $150 million in new equity and debt financing to accelerate its international expansion. The funding arrives as the company reports strong growth in the United States, with plans to broaden retail distribution and deepen content partnerships. Nex also named finance executive Jeff Shouger as Chief Financial Officer and added Shouger and gaming veteran Bing Gordon to its board of directors.
Consumer Momentum and Retail Growth
The company has sold more than one million Nex Playground units and now has a presence in over 7,000 retail locations across the United States. Major retailers carrying the system include Costco, Sam's Club, Target, Walmart, and Best Buy. Nex reports that its subscriber base has grown sevenfold over the past 18 months and is approaching one million subscribers, a milestone it expects to pass by the end of the year.
Expanding Content and International Reach
Nex Playground offers more than 60 games featuring globally recognized franchises such as Bluey, Barbie, Kung Fu Panda, and Peppa Pig. Additional titles planned for the fall and holiday season include NFL Flag, Dude Perfect Trickshot Challenge, and Pac-Man with Bandai Namco Entertainment. The company is also introducing Connected Play, a feature that will allow families to play together across different households and distances.
International expansion is a central priority for Nex, with Europe and Asia identified as key regions. After entering Canada, the United Kingdom, and the Republic of Ireland, the company plans to launch in Germany later this year. Japan and Korea are scheduled for 2027, with additional markets in Europe and Asia expected to follow.
The platform is also attracting established developers. Freefall Racers, originally created for Xbox Kinect, was revamped by Smoking Gun Interactive for Nex Playground and reached more than 150,000 families in its first month. It became the fastest externally developed game to surpass an hour of average playtime, reflecting Nex's selective approach to developer partnerships.
Leadership and Investor Support
The financing includes a Series E led by Baillie Gifford and BAI Capital, with participation from NBA Investments, Logitech, Medici Capital Partners, and the Raine Group. A new credit facility with JPMorgan complements the equity investment. The funding highlights Nex's ability to attract meaningful late-stage capital at a time when investment across gaming and interactive entertainment has become increasingly selective.
Jeff Shouger joins Nex as Chief Financial Officer after serving in the same role at Niantic, where he led multiple capital raises and helped oversee the sale of its games business to Scopely. He previously held senior finance roles at Zynga, including through its initial public offering. Bing Gordon, an early executive and former Chief Creative Officer at Electronic Arts, also joins the board after nearly two decades at Kleiner Perkins and prior service on Amazon's board.
Nex is focused on a segment of the gaming market that has not consistently served families playing together. With the new capital, the company plans to continue investing in content, technology, and new ways to bring families together while preserving an active, shared, and trusted experience. The addition of experienced leadership and long-term investors positions Nex to pursue its goal of becoming an enduring global active play company.