Dublin 9th May 2013
StoryToys, a leading publisher of digital interactive children’s content, announces the close of its latest investment round of $1.2 million. This brings total investment in the company to date to approximately $2.2 million and positions StoryToys to continue its international expansion with increased focus on the US market.
Leaf Investments, the learning technology specific investor led the round. AIB Seed Fund, co-managed by Enterprise Equity Venture Capital StoryToys’ original venture capital partner also continued its support for the company, joining this round. Enterprise Ireland also invested.
Founded in 2008, StoryToys creates and publishes children’s interactive books and games for use on mobile devices such as tablets and smartphones. The company has already achieved strong traction in the app market, with 75 number 1’s in 25 countries, including key territories such as the US, Germany, France, Spain and many others. StoryToys recently enjoyed a hugely successful promotion for World Book Day, with over 600,000 downloads of its apps from App Stores in just 48 hours.
Commenting on the deal, Barry O’Neill said:
“Over recent months StoryToys products have received an emphatic validation from customers around the world. We are now ready to move ahead with the next phase of our expansion strategy, as we invest in both our product portfolio and our US market presence to strengthen our position as a market leader. We are very grateful to our investment partners for their continuing support”.
Hugh O’Driscoll from Leaf Investments said:
“We are delighted to continue to support the success achieved by the StoryToys team. It is a great example of leveraging differentiated proprietary technologies into a key education market”.
The funds have been raised to support an increased focus on the US market, where StoryToys plans to establish a base in the near future, and investment in its product portfolio through the continued development of original IP and products based on licensed brands. The first of these licensed products will be based on Chuggington, a major global brand for 2-4 year old boys. The company will be announcing several other licenses to complement its product roadmap in coming weeks.
The company anticipates that it will raise a Series A round towards the end of the year to support an aggressive scaling plan, underpinned by new product and service lines.
LK Shields acted as legal adviser to StoryToys with Wallace & Co. advising Leaf and Enterprise Equity.
Headquartered in Dublin, Ireland, StoryToys creates and publishes highly innovative and entertaining software for children including interactive books and games. StoryToys is a registered trademark and trading name of StoryToys Entertainment Ltd. Apple is a trademark of Apple Inc., registered in the U.S. and other countries.
About LEAF Investments
Leaf Investments is an early stage investor in learning technologies, backed by the Folens publishing group. Founded on the principle that emerging technologies present opportunuties to create new learning solutions, Leaf is specifically targetting internationally scaleable disruptive technologies across the learning and education spectrum. Leaf is building on Folens’ pedigree of investment in learning businesses by bringing capital and expertise together under a single, discrete investment vehicle.§
About Enterprise Equity
Enterprise Equity Venture Capital jointly manages the AIB Seed Capital Fund of €53 million. This fund was established in 2007 and invests amounts of up to €1.5 million in high growth start-up and early stage companies in Ireland. It is focused on investing in the technology, multimedia, wireless and medical device sectors. The Fund’s limited partners are AIB Bank and Enterprise Ireland.