Roblox, an online platform bringing people together through play, announced it has raised $150 million in new funding led by Andreessen Horowitz’s Late Stage Venture fund and will open a tender offer for up to $350 million of common and preferred shares. The financing comes as Roblox continues to experience significant growth, having recently reached 115 million monthly active users and more than 1.5 billion hours of monthly engagement. The Series G funding will further fuel the company’s long-term mission to define a new category of human co-experience.
“We’ve stayed true to our vision of creating a safe and civil place where people come together to create, learn, and have fun, and it’s amazing to see what we’ve built together with our global creator community. 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,” said Roblox CEO and co-founder David Baszucki.
“The expertise of the Andreessen Horowitz team will strengthen our roster of world-class investors. This investment further bolsters our balance sheet while we grow our incredible team of engineers and support our creators around the world with the technology and infrastructure to build more immersive, massive, and collaborative experiences,” said Roblox chief financial officer Michael Guthrie.
Temasek and Tencent Holdings Limited join Andreessen Horowitz as new investors participating in the round.
“We are big believers in Roblox’s long-term vision, and are confident in backing the team as they enter this next inflection point.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 Andreessen Horowitz general partner David George.
Roblox has a history of providing employees and early stakeholders with limited liquidity through periodic secondary offerings. “We have confidence in our long-term vision and ability to grow the value of our business over time. Roblox is also in the enviable position of being cash-flow positive. As such, we feel strongly about enabling our early investors, former employees, and current employees to share in our financial success along the way,” added Guthrie.
Existing investors Altos Ventures, Meritech Capital, and Tiger Global Management all expanded their previous investments in the company.