LittleBits Electronics rasies $44 million
Steve’s breakdown: You gotta think some of this cash is going to marketing. They do a ton of social media but judging by their “followers” they could be doing a better job.
NEW YORK, NY: LittleBits Electronics isn’t so little anymore.
The New York-based maker of electronic components that kids use to build things like robots and simple mechanical gizmos raised $44.2 million in its series B round of funding, it said Thursday.
The funding was led by venture capital firm DFJ Growth and Morgan Stanley Alternative Investment Partners, the 90-employee company said.
The financing is three times larger than the $15.6 million it raised in four previous finding rounds, according to a report.
Grishin Robotics and Wamda Capital joined the equity financing round, Jeni Howard, a company spokeswoman, told The Post.
The company isn’t providing any information about its valuation, saying that the information is still private and not for publication.
Silicon Valley insiders said it’s difficult to estimate the company’s value because of how many investors it has and how late the funding round is.
Barry Schuler, a former CEO of America Online and managing director of DFJ, will also join the company’s board, the company said.
Schuler’s company has invested in Silicon Valley darlings like Twitter, Tumblr, and SpaceX and Tesla Motors, according to the company’s Web site.
Founded by engineer Ayah Bdeir, the company hopes its electronic Lego-like pieces become more widely used in schools, according to the report in TechCrunch.
The company told the site that more than 8,000 educators in 70 countries have introduced the kits — which start at $100 — to students.