London-based startup Lost My Name, a tech-driven children’s books publisher which now goes by the name of Wonderbly, has closed a $8.5m (£6.4m) Series B round.
The round was led by Ravensburger, a European publisher. Existing shareholders Google Ventures, Project A Ventures, Greycroft, The Cherning Group and Allen & Co also participated.
As part of the round, the firm also received debt funding from Silicon Valley Bank.
The company will use the funds to accelerate its new product development and boost its international growth.
Asi Sharabi, the co-founder and CEO, said: “We’re building new kind of personal media and publishing company that empowers customers to create stories and products that bring them closer to the people they love.
“We have a growing body of evidence for the positive impact of our products on children’s imagination and self-esteem and we’re incredibly excited to keep creating personalised stories that inspire, nurture and empower children the world over.
Demand for UK tech visas increased by 45%
“We’re particularly thrilled to bring Ravensburger on board. Our investment mantra has always been added value over capital and Ravensburger brings with them over 100 years of operational experience shipping quality products that bring children and adults closer together.”
Alongside the funding announcement, the company confirmed it had struck a partnership with the Roald Dahl Estate, which will see both firms collaborate on joint IP projects.
“We have been following the development of Wonderbly for some time and are delighted to come on board as a strategic investor as part of our new corporate investment initiative. Wonderbly has managed to build a truly international, personalized children’s book business and we are excited to support them in their next phase of growth,” added Clemens Maier, CEO of the Ravensburger group.
SuccessData closes investment with SuperSeed
Founded in 2012, Wonderbly claims its first product www.lostmy.name sold more than 600,000 copies and shipped to over 135 countries worldwide.
“My four children, my wife, and I are fans of Wonderbly’s books. Together, we really enjoy to dive into their magical adventures,” commented Florian Heinemann, partner at Project A .
“As a VC, we continue to be impressed with Wonderbly’s capability to scale personalisation through technology. Therefore, we’re happy to participate also in the current investment round.”
For the latest investment deals in UK tech, check out UKTN’s investment tracker.