Boise startup that makes toys for toddlers gets money from Google, Zuckerberg funds
A Boise company that makes educational toys has received $20 million from some of Silicon Valley’s biggest names.
The announcement is bringing the company, Lovevery Inc., national attention for its “low-tech, old-school toys.”
Maveron, GV, Reach Capital, the Chan Zuckerberg Initiative, and Collaborative Fund have provided Series B funding. That is equity funding that typically follows earlier equity investors — seed and Series A funders — and provides the new investors preferred shares in the company. Series B funding typically goes to companies that are earning steady revenues and need more money to grow.
GV is Google Ventures. Facebook founder Mark Zuckerberg and his wife, Priscilla Chan, are behind the Chan Zuckerberg Initiative.
Lovevery has roughly 30 employees right now and plans to expand to 60, said Rod Morris, Lovevery cofounder and president.
“At a time when parents and children face more distractions that keep them from connecting and learning together, families look to Lovevery for help,” said Jason Stoffer of Maveron, who led the Series B round, in a news release. “The result is fast growth and major customer love.”
Stoffer and Cat Lee of Maveron join Lovevery’s board in director and observer roles, respectively. Laura Melahn of GV also joins as board observer. The company wouldn’t say how much each had invested.
Lovevery leaves Trailhead Boise
Lovevery has also graduated from Trailhead, the Boise coworking space, to a seven-year lease in the Athlos Academy building. Its space on the second floor will expand as the company grows, said Jessica Rolph, co-founder and CEO.
Athlos founders Jason Kotter and Ryan Van Alfen are also investors, which Rolph sees as a natural fit. “We do early childhood, and we hand them off to Athlos at kindergarten,” she said.
Several investors in the latest round also invested in the first round and the seed round, Morris said. The Boise Angel Alliance has been in since the beginning, he said.
“As a shareholder, I am really pleased with the progress Lovevery has made and have high expectations for continued progress,” said Kevin Learned, a partner with Sage Growth Capital in Boise and a founder of the Boise Angel Alliance.
Series A funding, in July 2018, was a little over $6 million, plus there were convertible notes before that round and a bridge note in between, Morris said.
“In total, we raised $32 million,” he said.
The company is spending the money on products and marketing, including research and development and customer acquisition, Morris said.
“We’re just growing so fast,” he said. “We’ve tripled the business this year vs. last year.”
And, of course, more toys, Rolph said. “We’re getting a lot of requests for more,” she said. “More content, more information, more products.”
The latest news release announced a new product, The Block Set, selling for $90.
Help parents with child development
But Lovevery does more than just develop educational toys. It also produces a platform, as well as a support system that guides parents on the best way to use the toys with their children.
“The main purpose of the brand and the company is to help the parent understand the child’s development as they’re growing up,” she said.
One of the company’s products is a subscription to 10 play kits that covers birth to 24 months. The kits arrive in the mail every other month for the first year, and quarterly thereafter.
“They’re products inspired by neuroscience that we developed ourselves,” she said.
Other products include The Play Gym, an organic cotton play tunnel, and the Buddy Stroller, for pretend play. The Play Gym, the company’s first product, “took over that category” on Amazon within a year of launch, Rolph said.
The company has shipped products to 100,000 homes, mostly via subscription, Morris said.
“Our new leader of operations, Chase Twilley, joins us from Fitbit where he managed some of their most complex operations. He got a degree from Boise State and is excited to bring his family back to Boise,” Rolph said in an email message. “Alecia Murray, our new head of digital products, has led product management and engineering functions at some of the highest growth companies in Boise. Our lifecycle marketing lead, Jason Buursma, joins us from Zulily, where he built and ran one of the most robust lifecycle marketing programs focused on moms.”
The Idaho Statesman contributed.
This story was originally published October 23, 2019 at 12:03 PM.
