The round was co‑led by Baillie Gifford and BAI Capital, with participation from NBA Investments, Logitech, Medici Capital Partners and the Raine Group. In addition, Nex secured a new credit facility from JPMorgan to support its growth plans.
Nex said the fresh capital will fund its international expansion, starting with a market entry into Germany later this year and later moves into Japan and South Korea slated for 2027. The money will also be used to bolster inventory, supply‑chain and go‑to‑market initiatives while the company continues to prioritize growth in the United States, the United Kingdom and Ireland.
The company reported that Nex Playground’s subscriber base has grown sevenfold over the past 18 months and is now close to one million active subscribers, a figure the firm expects to exceed by the end of the calendar year.
Alongside the financing announcement, Nex appointed Jeff Shouger, formerly of Niantic and Zynga, as chief financial officer. Shouger will also join the board of directors, which already includes veteran gaming and technology executive Bing Gordon.
CEO and co‑founder David Lee said the investment gives Nex the resources to bring active play to “millions more families around the world” and underscored the company’s ambition to become a “100‑year company.”
Baillie Gifford private‑companies investor Alexander Nicolier praised the business model, noting that the combination of an easy‑to‑use console and a growing library of subscription games creates a lasting relationship with families and offers rare long‑term value in the gaming sector.