Startup toyco Snorble has secured US$10 million in new financing from private equity firm GK Venture Partners.
The company will use the funds to accelerate a team expansion and further develop its flagship toy robot Snorble, says co-founder and CEO Mike Rizkalla in a press release.
Snorble, which soft-launched as a prototype on Indiegogo in 2021 in advance of a planned mass rollout later this year, is an interactive toy that helps kids establish regular nighttime routines and healthy daytime habits such as exercise and meditation. It tells original bedtime stories and can also sing, dance and use embedded AI technology to change personalities when kids change it into a new costume.
Snorble has been building out its executive ranks recently, hiring Vaitari Anderson as chief experience officer earlier this month, and Ed Gershowitz as chief revenue officer and EVP of sales in March. Anderson previously served in several marketing and creative-focused roles at agencies and also his own consultancy, while Gershowitz has worked as an exec at toycos including Hasbro, Tyco Toys and Hedstrom Outdoor Toys.