$4 million investment boost for Roblox
Online kids site to double workforce in 2011 as revenues grow by 75 per cent
Free-to-play online building game Roblox has raised $4 million in new investment capital, as the popular online destination celebrates 5.7 million unique visitors and 650 million page views per month.
The second round of venture financing was comprised of existing investors ALTOS Ventures and First Round Capital and will be used to fund future growth, including a doubling of its workforce in 2011.
Although often compared to Minecraft, Roblox predates the popular indie title and the official Lego Universe massively multiplayer online game - which it resembles visually.
First launched in September 2006, Roblox attracts children aged seven to 16, with a highly customisable game world, avatars and virtual items. The company now boasts that children spend 19 million hours per month on the Roblox, more than any other online site for kids.
"As the Internet becomes saturated with online gaming sites, Roblox is uniquely positioned to offer not only entertainment for children, but also a safe experience that stimulates creativity, which both children and parents appreciate," said Anthony Lee, general partner of ALTOS Ventures.
"The company has a proven track record of strong revenue growth, provides compelling content for its users, and offers strategic advertising opportunities for its partners. We are thrilled to have a hand in its future growth."
Roblox has reported growth of 75 per cent year over year, with sales of in-game virtual currency, advertising and pre-paid cards now commonplace in North American outlets such as BestBuy, GameStop and Wal-Mart.
"This round of financing is a testament to the success we are experiencing and the confidence investors have in our future growth," said David Baszucki, CEO and founder of Roblox.
"In addition to fortifying our baseline budget, much of this round is slated to boost our hiring budget. We want to leverage this funding to expand our community and our team to make Roblox even better for our players."