Temasek and Tencent Holdings Limited joined Late Stage Venture in the funding round as new investors. Existing investors Altos Ventures, Meritech Capital, and Tiger Global Management participated in the latest funding round.
According to the company, the fresh fund will be utilized to amplify its engineering talents and infrastructure, to further escalate its ecosystem and developer tools, and for its future plan on expanding its footprint internationally.
In a report by The Wall Street Journal, Roblox Corporation’s current valuation is at US$4 Billion. Chief Financial Officer of Roblux, Michael Guthrie, announced that the company is cash-flow positive.
The funding round comes at a phase of notable advancement for the gaming platform. Recently, it was being explored by 100 million users worldwide, topping Minecraft, and in 2019 it’s developer community of over 2 million actives earned US$110 million — up from around US$70+ million in 2018 and more than US$40 million in 2017.
Not to mention, Roblox will hold its seventh annual Bloxy Awards on March 21. For this year, the company orchestrated a brand new way for the award show –live within the platform.
In the past few months, Roblox has been developing its platform to expand outside the U.S. including notably, China. In 2019, the company incorporated a strategic partnership with Tencent in an effort to drive its platform and coding curriculum to the region, including by adding support for Chinese languages and running coder camps.
Initially launched in 2005, Roblox offers a platform that 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.
Roblox’s mission is to bring the world together through play. The company believes in building a safe, civil, and diverse community—one that inspires and fosters creativity and positive relationships between people around the world.
Roblox is available on a wide variety of platforms, including the PC, Mac, consoles, virtual reality platforms like Oculus and HTC, and mobile devices. With more than 115 million people around the world to goof around with friends as they explore millions of immersive digital experiences.
To date, Roblox claimed its user base is spending a collective 1.5 billion hours of monthly engagement. David George, general partner at Andreessen Horowitz said in a statement, “We are big believers in Roblox’s long-term vision, and are confident in backing the team as they enter this next inflection point.”
He also added on his statement that Roblox is one of the unique 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.
“The expertise of the Andreessen Horowitz team will strengthen our roster of world-class investors,” said Michael Guthrie.