Pley Secures $10 Million In Series B Funding; Launches PleyWorld To Put Lego Design In Hands Of Consumers

SANTA CLARA, Calif., Feb. 4, 2015 /PRNewswire/ -- Pley, a LEGO® subscription service known as the Netflix for LEGO, has secured $10 million in Series B funding led by Sozo Ventures, a venture fund focused on assisting US-based technology startups with global expansion. Existing investors, Floodgate, Correlation Ventures, Maven Ventures, and Allegro Venture Partners also participated in the round.  

The new funding will be used to bring Pley to Europe and Asia and expand the company's strong U.S. customer base. Pley has raised $16.75 million to date.

In addition, today Pley unveils PleyWorld (www.PleyWorld.com), a free online platform that enables LEGO fans of all ages to create their own LEGO sets. Photos of original designs are uploaded to the site and once a design receives 5,000 votes, Pley will use its patented LEGO-assembly machinery to create sets based on that design and make it available for rental to Pley subscribers in a couple weeks.

"For years, a small group of LEGO designers in Denmark have controlled the types of sets available," said Ranan Lachman, CEO of Pley. "With the launch of PleyWorld, we are democratizing creativity and empowering builders across the world to use their imagination toward becoming master builders. Anyone can upload a creation, be it their hero, fantasy vehicle or architectural construction and see it built by thousands of fans within weeks. This is a true testament to how technology and awesome design can change an industry."

Pley was co-founded in 2013 by Ranan Lachman who saw an opportunity to provide parents with access to shared toys at an affordable price. The company plans to expand to other educational toys and family products in the future. To date, more than 50,000 families have purchased Pley subscriptions and more than 350,000 packages have been shipped from Pley's Santa Clara warehouse where each LEGO set is automatically inspected, cleaned and sanitized between shipments.

Three Pley monthly subscriptions are available: $9.99 for one mid-size set a month, $19.99 per month for unlimited mid-size sets, and $49.99 per month for unlimited mid and large sized sets.

"In recent years we have witnessed more and more U.S. consumers support, and even seek out, sharing economy services like Pley, that help people consume goods in a more cost-effective and environmentally-friendly manner," said Phil Wickham, Managing Director of Sozo Ventures "More recently, we have seen sharing economy enthusiasm spread to other countries. With its proven model and inventive machinery, we believe Pley is uniquely positioned to capture the toy sharing market both internationally and at home."

Phil Wickham will join Pley's BOD, which currently includes Tom Dillon, former Netflix COO, Michael Scharff, former head of e-Commerce for ToysRUs, Julie Allegro, Managing Director of Allegro Ventures, and Mike Maples, Partner at Floodgate.

SOURCE Pley

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