Roblox Raises $150 Million in New Funding Round
Summary
The new funding be used to "further fuel the company’s long-term mission to define a new category of human co-experience," a reference to Robloxs emphasis on cooperative play and content sharing on its platform. Originally launched in 2005, Roblox caters to a younger demographic with an aesthetic similar to that of Lego toys and gameplay that allows users to create their own content and share with others. The Roblox gaming platform also recently reached a milestone of 115 million monthly active users. “We are big believers in Roblox’s long-term vision, and are confident in backing the team as they enter this next inflection point,” said David George, general partner at Andreessen Horowitz. “Roblox is one of those rare platform companies with massive traction and an organic, high-growth business model that will advance the company, and push the industry forward for many years to come.” Said David Baszucki, CEO and co-founder of Roblox: “Looking ahead, we’re doubling down on our commitment to building the most advanced tools and technology to take our creators and players into the metaverse of the future.”