SPHERO CLOSES $45 MILLION IN FUNDING
Jun 2, 2015 Boulder, Colorado
Sphero, leaders in the Connected Play category, announced today that it has secured an additional $45 million in funding, bringing total funding to $80 million. This investment was led by Mercato Partners; additional investors include a subsidiary of The Walt Disney Company and other strategic investors.
Additionally, Mercato Partners Co-Founder and Managing Director, Greg Warnock, has been appointed to Sphero’s Board of Directors. Greg brings extensive retail experience to the table and also currently works with the boards of Galileo Processing, Skullcandy (NASDAQ:SKUL), and Stance.
“The Connected Play toy market has grown dramatically over the last several years and analysts expect that growth to continue. The opportunity to partner with a technology and market leader like Sphero was a perfect fit for Mercato,”
said Greg Warnock, Managing Director of Mercato Partners.
“The Sphero team are experienced technologists and the company is well positioned to become the Connected Play leader of the toy industry.”
In addition to providing necessary growth capital, Mercato Partners will provide additional value through the team’s sales expertise in both the reseller and retail channels.
“There’s a perfect storm brewing in the toy industry and our emerging technology will forever transform the way people play. This recent infusion of capital will allow us to grow the team and accelerate the development of the next generation of robotic entertainment,” said Paul Berberian, CEO. “Mercato’s commitment to our business goes far beyond the financial investment; their partnership is a vote of confidence in what the Sphero team is building.” Sphero participated in the 2014 Disney Accelerator, powered by Techstars. This program gave Sphero access to mentorship from executives of The Walt Disney Company as well as entrepreneurs and investors from the entertainment and technology communities. Sphero will use the new capital for product research and IP development and to further global expansion.