VC fundraising for toys & games companies
Toys and games venture is narrower than other consumer categories given the hit-driven nature of the business and the dominance of a small number of strategic acquirers. Capital is available for brands with credible IP, evergreen categories and platforms that diversify beyond a single product cycle, with strategic CVC arms active alongside the consumer funds.
The capital pool is a small set of consumer funds with toy experience - Forerunner, Lerer Hippeau, M13, L Catterton growth - alongside the strategic venture pipelines behind Hasbro, Mattel, Spin Master, MGA, LEGO and Bandai Namco, plus a few family offices. They all read the data room looking for repeatability beyond a single launch. Flow has direct relationships across this set.
Flow has experience running VC fundraising processes for toys and games companies across traditional toys, plush and collectibles, games and puzzles, hobby and craft, and licensed and IP-driven products. Our extensive investor network spans early-stage seed funds, growth-stage investors, and strategic and corporate VC arms.
"Toys & games" KPIs VC investors look at
The metrics venture investors benchmark before pricing a round - in diligence, at the IC table, on the term sheet.
Revenue
Gross margin
Contribution margin after trade
Q4 revenue concentration
Full-price sell-through
Markdown & chargeback rate
Wholesale share
Licensing & royalty cost
Days inventory outstanding
Repeat purchase rate
Advertising as % of revenue
Toys & games valuations in May 2026
Public toys & games comps trade at 1.4x EV/Revenue.
1.4x
Median EV/Revenue as of May 2026 for public toys & games companies
4.2x
POP MART is the highest valued public toys & games company based on EV/Revenue (excluding outliers)
2.9x
Median EV/Revenue across toys & games M&A deals in the last 12 months
-
Median EV/Revenue across toys & games VC rounds in the last 12 months
Key recent toys & games VC rounds
$14M Series A raised by Heyone Black Play was the largest toys & games VC round completed in the last six months.
See all toys & games VC rounds| Logo | HQ | Description | Investors | |||||
|---|---|---|---|---|---|---|---|---|
Dec-25 | H | Heyone Black Play |  | Heyone Black Play is a Chinese brand specializing in the design, production, and sale of blind box collectible toys. | Jinding CapitalVertex Ventures China | $14M | - | Series A |
Dec-25 | Y | Yijie Innovation Technology | | Yijie Innovation Technology is a consumer-focused company leveraging a dual business model in medical aesthetics, big health products, blind boxes, and cultural creative items rooted in traditional Chinese elements. | - | $7.1M | - | Seed |
Nov-25 | Mirana Toys |  | Mirana Toys is a designer and producer of educational toys for children emphasizing STEM learning and creative play. The company creates interactive sets including building blocks, robotic kits, and puzzle games distributed through online and retail channels. Based in China, Mirana Toys serves families and educational institutions worldwide. | AccelArkam Ventures+2 | $6.4M | - | Series A | |
Mar-26 | Aditi Toys | | Aditi Toys is a toy manufacturer producing safe, high-quality products that promote play and creativity. | GVFL | $4.0M | - | Undisclosed stage | |
May-26 | Legend of Toys | | Legend of Toys is a toy manufacturer. Legend of Toys produces remote-control vehicles, drones, puzzles, dolls, and hobby items sold through themed product lines. | Atrium AngelsDeVC+4 | $2.2M | - | Seed | |
Dec-25 | C | Companion Space | | Companion Space is a Shenzhen-based technology company creating interactive toys equipped with bionic sensors for organ-like touch feedback and remote connectivity, enabling emotional companionship and long-distance interactions. | Guangdong Impression Miaopin | $700K | - | Angel |
Feb-26 | Panda’s Box | | Panda’s Box is an education-focused company creating hands-on learning toys and products rooted in Indian culture for children. | Aman GuptaNamita Thapar | $100K | - | Undisclosed stage | |
Apr-26 | F | Fuyou Keqi | | Fuyou Keqi is a technology company that creates trendy toy intellectual property and cultural creative items. The MOMOTOY brand represents its core business. | Kington Capital | - | - | Series A |
Mar-26 | Haivivi | | Haivivi is a brand specializing in educational toys for children, crafting products that promote creativity, learning, and cognitive development through engaging and age-appropriate designs. | Ant GroupFortune Venture Capital+3 | - | - | Series A | |
Feb-26 | M | Miracle Rabbi | | Miracle Rabbi crafts AI toys that fuse artificial intelligence, interactive tech, and creative design for educational play and emotional engagement. | Jinqiu FundShoucheng Holdings | - | - | Seed |
Jan-26 | F | FoloToy |  | FoloToy creates AI-powered conversational toys that provide companionship, stimulate thinking, and support child development through interactive play. | HuohuotuNanshan War Xintou+1 | - | - | Seed |
VC investors active in toys & games
Antler is the most active VC investor across toys & games, having invested in 2 startups in the last three years.
See all toys & games VCs| Logo | HQ | Description | Key portfolio | |||
|---|---|---|---|---|---|---|
Antler | | Antler is a Singapore-headquartered global venture capital firm founded in 2017 that invests in early-stage tech companies. It operates day-zero programs in 27 cities, backing 1,000+ startups with $100 million deployed annually across AI, fintech, and sustainability. Portfolio includes unicorns like Hold One and Tiqets, with a network of 3,000 mentors and 700+ investors for follow-ons. | Axartoys.aiMy WonderAlcolase+2 | 2 | Pre-seed | |
Huashan Capital | | Huashan Capital is a Shanghai-based venture capital firm investing startup and expansion capital exclusively in financial technology companies. Through huashancapital.com, it backs platforms in digital payments, online lending, blockchain applications, and insurtech, with deals in companies operating across Asia. | HaiviviHuizhi International TourismYichu Interactive+1 | 1 | Series A | |
Jinqiu Fund | | Jinqiu Fund is a specialized investment vehicle managed by Jinqiu Capital that targets biotechnology innovations. The fund finances companies developing novel therapeutics, diagnostics, and medical devices, with a portfolio spanning gene editing, precision medicine, and biomanufacturing technologies. Operating from Beijing, it collaborates with international biotech hubs to nurture high-potential startups through seed and Series A rounds. | Miracle RabbiLingdong Jiaxin TechnologyQingxian Intelligence+1 | 1 | Seed | |
Maveron |  | Maveron is a Seattle- and San Francisco-based venture capital firm exclusively investing in consumer-focused startups at seed and Series A stages. Founded in 1998, the firm has backed companies such as eBay, Zulily, Allbirds, and Trupanion, emphasizing brands that empower consumer lifestyles. Maveron deploys capital coast-to-coast in direct-to-consumer, e-commerce, and healthtech sectors, incorporating diversity initiatives through its Term Sheet Rider adoption. | StickerboxKin HealthJampack AI+2 | 1 | Seed | |
Singularity AMC | | Singularity AMC is a Mumbai-based growth equity firm founded in 2021 investing in Indian private and public equities. It backs companies in consumer brands, financial services, energy transition, industrials, and healthcare at inflection points. The firm conducts proprietary research on market trends and entrepreneur networks. Singularity AMC holds positions in fast-growing brands like Mamaearth and insurtech platforms. Its team sources deals through relationships with family offices and HNIs in Mumbai and Delhi. | Legend of ToysHRDWYRQucev+1 | 1 | Seed | |
B | Brizan Venture |  | Brizan Venture is an investment firm managing capital allocations across various asset classes and opportunities. | HaiviviRuiling IntelligentSpacemiT+1 | 1 | Series A |
Stride Ventures | | Stride Ventures is a Mumbai-based venture capital firm investing in early-stage startups across India. The fund targets fintech, SaaS, consumer tech, and healthtech sectors with check sizes from $1 million to $10 million. Portfolio includes Unacademy, Licious, and Open. Since 2021, Stride has deployed over $100 million, focusing on Series A and growth rounds in tier-2 cities. | Legend of ToysSwishPulse+1 | 1 | Seed | |
Mirana | | Mirana is a venture capital firm investing in web3 infrastructure, decentralized finance, and blockchain gaming projects. The firm backs early-stage protocols and teams building scalable solutions in the cryptocurrency ecosystem. Headquartered in Singapore, Mirana partners with global founders to accelerate adoption of decentralized technologies. | CapyboboRhythmiceasy.fun+2 | 1 | Seed | |
Ant Group | | Ant Group is a fintech company building digital infrastructure for financial services via platforms like Alipay. Hangzhou-headquartered, it supports consumers and SMEs with payments, lending, insurance, and wealth management across Asia. The ecosystem includes Ant Fortune for investments and Ant Financial Cloud for enterprise solutions. | HaiviviExtreme shell technologyHuayu Xianxiang+2 | 1 | Series A | |
N | Namita Thapar | | Namita Thapar holds the role of executive director at Emcure Pharmaceuticals, a major Indian pharmaceutical company, after prior experience as a senior manager at Abbott. | Panda’s BoxArtocitiMeMeraki+1 | 1 | Undisclosed stage |
Founders and investors we've worked with
We've supported winning builders across toys & games and beyond.
AVE & YOU
We acted as fundraising advisor to AVE & YOU, a Berlin-based beauty-tech DTC brand and personalized skincare platform, supporting its capital raise to fuel growth.
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Orka
We advised Elysian Fields on its investment into Orka, a Reykjavik-based portfolio of online consumer lending platforms, supporting deal structuring and growth-capital deployment in the Icelandic fintech market.
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GoTrendier
We advised GoTrendier, the leading second-hand fashion marketplace in LatAm (Mexico and Colombia), on its $14m Series B fundraise led by IDB.
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Ziik
We acted as fundraising advisor to Ziik, a Copenhagen-based all-in-one social intranet and internal communication SaaS platform, on its growth funding round.
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Sentryc
We led the capital raising process for Sentryc, a Berlin-based AI-driven brand protection and IP software provider, on its growth round led by Seventure Partners.
See moreRecent VC fundraising track record
See our VC fundraising experience across toys & games and beyond.
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