Roblox, which offers an online games platform, has raised $520 million in a funding round led Menlo Park, California-based Altimeter Capital and Dragoneer Investment Group. The company said in a press release that the venture round funding values the company at $29.5 billion and that the proceeds from the financing will “advance Roblox’s growth initiatives and mission to build a … platform that enables shared experiences among billions of users.”
The company, which is headquartered in San Mateo, California, said the sales price amounted to $45 per share.
Roblox also announced today that it has filed for a direct listing with the U.S. Securities and Exchange Commission (SEC).
Altimeter’s investment comes “as the world moves toward a hybrid future – where online and offline community and learning co-exist,” said Brad Gerstner , the firm’s CEO. “While once viewed as a gaming platform, Roblox has emerged as a definitive global community connecting millions of people through communication, entertainment and commerce,” he added.
“Roblox has built (an) 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.
The Investment Group of Santa Barbara, California and Warner Music Group, along with several current investors, also participated in the latest Roblox funding round.
A February funding round valued Roblox at $4 billion, raising $150 million as venture capital firm Andreessen Horowitz joined existed investors like Altos Ventures and Tiger Global Management.
“What gets us really excited and where we see the most upside is in the long-term vision,” David George, general partner at Andreessen Horowitz, said at the time.
Roblox allows users to play millions of user-created video games for free, or make new games using online tools that the company provides. The company makes its money by taking a share of funds that players spend to buy such extras as virtual clothes or pets for their avatars. The platform even has its own in-game currency, called “Robux.”