Nex has secured $150 million in Series E funding and crossed one million units sold of its family-oriented active-play console, Nex Playground, the company announced today, ahead of launches in Germany later this year and in Japan and Korea in 2027.

The subscriber base has grown sevenfold over the past 18 months and now stands just shy of one million active subscribers, a figure the company expects to surpass before year-end.

What does the cash go toward?

The round is structured as follows:

• Co-leads: Baillie Gifford and BAI Capital
• Additional equity: NBA Investments, Logitech, Medici Capital Partners, and the Raine Group
• New credit facility: JPMorgan

Proceeds will fund international expansion, inventory, supply chain and go-to-market work.

Where will the console launch next?

Nex will enter Germany later this year and target Japan and Korea in 2027, while continuing to prioritise growth in the United States, United Kingdom and Ireland. President Thomas Kang told GamesIndustry.biz that the UK launch is "beating forecasts, which is a good sign."

Who is joining the leadership?

The cash underwrites a leadership reset at finance and board level. Former Niantic and Zynga executive Jeff Shouger joins as chief financial officer and takes a board seat. Veteran gaming and technology operator Bing Gordon, the longtime Electronic Arts executive, joins the board.

What is the executive framing?

CEO and co-founder David Lee anchored the announcement in longevity. "Families have timeless needs: to move, grow, connect, and have fun. The response to Nex Playground has shown us that active play can serve those needs at a meaningful scale," he said.

"We are building Nex to be a 100-year company. This investment gives us the resources to bring active play to millions more families around the world, and Jeff and Bing bring extraordinary experience building enduring gaming and technology companies. I'm thrilled to have them with us for this next chapter."

Why is Baillie Gifford in?

Baillie Gifford private companies investor Alexander Nicolier staked the thesis on recurring engagement. "Through active play, Nex is showing that the family room can once again become a place of laughter, entertainment and togetherness," he said.

"The console makes it remarkably easy for families to get up and moving, while a growing library of games available through subscription gives Nex the opportunity to build a lasting relationship with them," Nicolier added. "As long-term investors, that combination is particularly exciting: we are backing a company that can continue to delight its customers while compounding value over many years. That is rare in gaming."

What changes for studios and partners?

The console's subscription catalogue, which Nex did not break out by revenue or game count, is now the focal point as the company scales. The Germany launch adds a third major European market beyond the UK and Ireland, while the 2027 Japan and Korea entry will put Nex in direct competition with established regional players in family and motion-based gaming.

Logitech's participation extends a hardware adjacency for the company. NBA Investments points to ongoing sports and entertainment tie-ins. JPMorgan's credit facility, the terms of which were not disclosed, adds a debt instrument to Nex's capital stack.

What to watch next

The next operational milestones are the Germany launch later this year and the formal crossing of the one million active subscriber threshold. Whether the sevenfold growth rate holds as the catalogue matures — and how the model performs against household-name consoles competing for the same living-room real estate — will determine whether Nex's "100-year company" framing converts into durable, recurring revenue.