American LEGO rental startup Pley closes $6.75M in Series A round
LEGO rental startup Pley has bagged $6.75 million in its first funding round led by Allegro Venture Partners. The funding values the company at $20 million, according to The Wall Street Journal.
Floodgate, Correlation Ventures, Western Technology Investments, and Maven Ventures also contributed to the financing. The San Jose-based startup will use the raised capital to expand its workforce and product offering. It will also start tapping into the European and Australian markets, the report detailed.
Vator News cited Allegro Managing Director Julie Allegro saying: "Pley is uniquely positioned to create a new paradigm for play as it expands to multiple toy lines for different ages. As an investor and a mother, I believe that the company is solving a real problem for busy parents and this is validated by its incredible growth in a short time."
Play started out as a rental platform for LEGO toys. The startup has already catered to 15,000 families using its hundreds of toy sets. The startup ships a chosen Lego set to a family and the set is shipped back to them after a given time. Pley then sanitizes the toys using an eco-friendly solution and ships them out to the next family who wants to rent them. Toy subscription costs between $15 and $39, the report explained.