Modarri Raises $800K in Second Equity Round
The funding will reportedly carry the toy car start-up to profitability in 2015.
Santa Cruz, CA, January 22, 2015 (Newswire.com) - ThoughtFull Toys, the designer of build-it-yourself Modarri toy cars, has just closed on $800,000 in equity investment. The financing follows an initial round of angel investment in 2013 and a successful Kickstarter campaign in early 2014. Funds raised have been earmarked for boosting inventory, maintaining operations and reaching a positive cash flow.
The latest fundraising opportunity attracted a group of local and regional angel investors whose enthusiasm led to a $300K expansion of the round. ThoughtFull Toys CEO David Silverglate projects that “This round of equity funding should carry the company to profitability in 2015.”
"This round of equity funding should carry the company to profitability in 2015."
David Silverglate, ThoughtFull Toys CEO
Silverglate is the inventor of numerous hit toys, including the easy-to-grip Oball for babies and the high-flying Sky-O.
Each Toy Car is Five-in-One
Modarri miniature cars combine the DIY spirit with play. As reflected in the company name, they’re modular: Using a colorful hex tool, children can easily rebuild each car in different ways. Says Silverglate, “Kids play, take the car apart, reassemble and play some more.” Plus, the seven Modarri car models have compatible parts; the full lineup makes millions of hybrids possible.
For further customization, car owners can add paint, stickers and assorted “bling.”
Real Suspension & Steering
“Modular” provides part of the Modarri name. “Ferrari” completes it. Like real supercars, these miniatures are built to be driven. They’re not fragile models to store on a shelf.
Real suspension and patented finger steering let kids “feel the road” as they drive. The company’s COO Trevor Hite explains, “Modarri cars are finger-driven; we don’t use batteries. The effect is that kids feel as if they are actually the drivers. It inspires more imaginative play.”
Modarri’s next big venture will be the New York Toy Fair this February. Last year the company won the Popular Science award “Best Toy in Show.”
To learn more visit Modarri.com.
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