SAN MATEO — Roblox, which operates a popular gaming platform, has raised $520 million in new Series H funding at a purchase price of $45.00 per share led by Altimeter Capital and Dragoneer Investment Group. The Investment Group of Santa Barbara and Warner Music Group, along with several current investors, also participated in this round.
The Series H funding values the company at $29.5 billion and the proceeds from the financing will advance Roblox’s growth initiatives and mission to build a human co-experience platform that enables shared experiences among billions of users.
Roblox is expected to go public sometime in February. The company says it has over 31 million users for its games.
“We’re thrilled to welcome Altimeter, Dragoneer and the other new investors,” said David Baszucki, CEO and co-founder of Roblox. “We look forward to working with all of them as we continue our mission to build a human co-experience platform that enables shared experience, from play to work, and learning among billions of users.”
“While once viewed as a gaming platform, Roblox has emerged as a definitive global community connecting millions of people through communication, entertainment and commerce,” said Brad Gerstner, CEO of Altimeter. “And as the world moves toward a hybrid future – where online and offline community and learning co-exist, we are proud to back a values-driven business that takes seriously its obligation to build an inclusive, creative, and positive community.”
“Roblox has built a unique and imaginative virtual experience with a growing, loyal community, and we’re excited to have the opportunity to support the company at this stage of its development,” said Marc Stad, Founder and Managing Partner of Dragoneer Investment Group. “We look forward to partnering with the Roblox team as they continue to execute on a compelling growth strategy and capitalize on the substantial opportunities ahead.”