Sphero Valuation, Funding & Investors

Sphero is valued at $90M as of June 2018.

Last Sphero valuation

$90M

Series A · Jun 2018

Last Sphero funding round

$28M

Undisclosed stage · May 2019

Cumulative funding Sphero raised

$136M

across 9 funding rounds

Key investors in Sphero

  • Foundry Group
  • Mercato Partners
  • Disney
  • Techstars
  • Grishin Robotics
  • Shea Ventures

Sphero Overview

About Sphero

Sphero is a Boulder-headquartered creator of programmable robots blending physical and digital play since 2010. Products like Sphero Mini, BOLT, and RVR enable STEAM education with app-controlled coding in Scratch and JavaScript. Partnerships with Star Wars for BB-8 droids and Disney for educational kits reach schools worldwide, fostering computational thinking.


Founded

2010

HQ

United StatesBoulder, CO

Website

sphero.com

Status

Privately held

Customer focus

B2B & B2C

Revenue model

Product sales

Valuation

$90M (Jun 2018)

Sphero Valuation

Sphero is currently valued at $90M, based on its Series A in June 2018.

The $12M round was led by Mercato Partners, with participation from Disney and Techstars.

Sphero's valuation has moved from $155M at its Series E in June 2015 to $90M in June 2018, across 2 priced rounds.

Sphero valuation by funding round

Sphero valuation by funding round
DateStageValuation
Jun 2018Series A$90M
Jun 2015Series E$155M

Sphero Funding History

Sphero has raised a total of $136M across 9 funding rounds.

Sphero's first fundraising round was a $4M seed round in May 2013. The most recent completed round was a $28M undisclosed-stage round in May 2019.

Sphero funding rounds

Sphero funding rounds
DateStageInvestorsRaisedValuationDeal Summary
May 2019Undisclosed stage-$28M--
Mar 2019Pre-seed-$900K--
Jun 2018Series AMercato Partners (lead); Disney; Techstars$12M$90MSphero, a Boulder-based developer of smart spherical toys controllable via smartphone apps, raised $12.1 million in a Series 1 venture funding round on June 5, 2018, from undisclosed investors including Mercato Partners, with participation from Calibrate Ventures. The round put the company's pre-money valuation at $90 million and was expected to close up to $20 million total, bringing cumulative funding to around $119 million. This followed prior rounds such as a $45 million Series E in 2015 led by Mercato Partners with Disney and a $23.8 million raise in April 2017. The funding supported Sphero's strategic shift toward education-focused products at the intersection of play and learning, following layoffs earlier in 2018 due to disappointing sales of Disney-branded consumer toys like BB-8 from Star Wars: The Force Awakens, Spider-Man, and Lightning McQueen from Cars. Sphero had previously participated in Disney's accelerator powered by Techstars in 2014. The capital was allocated to working capital amid a pivot from consumer products to owned educational experiences in the crowded coding toys market.
Apr 2017Undisclosed stage-$23M-Sphero is a Colorado-based toy robotics company known for products like the BB-8 droid tied to Star Wars: The Force Awakens, as well as Spider-Man and Lightning McQueen toys through Disney collaborations. In 2017, the company spun out Misty Robotics around June 20. Following challenges with consumer products, Sphero shifted focus toward education and STEAM learning with programmable robots. Misty Robotics, the Sphero spin-out, raised an $11 million Series A follow-on in December 2018.
Feb 2016Seed-$3M--
Jun 2015Series EMercato Partners (lead); Disney; Foundry Group$45M$155MSphero, a Boulder, Colorado-based company formerly known as Orbotix, develops programmable robotic toys including the Sphero ball and Ollie skateboard attachment aimed at teaching kids to code. The company gained massive visibility through a partnership with Disney to produce the BB-8 droid toy for Star Wars: The Force Awakens, following its participation in Disney's accelerator program. This deal accelerated business momentum, prompting an unscheduled funding round in June 2015. Sphero raised $45 million in a round led by Mercato Partners, with participation from Disney, Foundry Group, and at least one unnamed strategic investor, potentially up to $52 million per SEC Form D. Mercato's Greg Warnock joined the board to support sales and retail expansion. Previously, Sphero had raised around $35 million from investors like Techstars, Grishin Robotics, and others, including $20 million a year prior, and participated in Techstars and Disney accelerators. Post-money valuation reached $80 million, with plans to invest in product research, IP development, global expansion, and staff growth from 72 to about 86 employees. The funding capitalized on the booming connected play toy market. Mercato highlighted Sphero's positioning as a leader in the industry alongside brands like Skullcandy. The Star Wars tie-in positioned Sphero amid Colorado's venture boom, with 86 deals totaling $793.1 million that year.
May 2014Pre-seed-$400K--
May 2014Series DGrishin Robotics; Highway 12 Ventures; Foundry Group; Shea Ventures$20M-Sphero is a robotics company known for building connected robotic products, including products such as the fictional character BB-8 droid from Star Wars. The company was founded by Adam Wilson and his team. Wilson and his team participated in a Techstars acceleration program in fall 2014, which involved a corporate venturing partnership with Disney; Wilson initially hesitated due to equity dilution concerns but ultimately decided to participate in the program. As of recent estimates cited in industry databases, Sphero has generated approximately $27.2 million in annual revenue with 111 employees and has raised total funding of $148.5 million across its history. The company operates in the consumer electronics and robotics sector, competing with other educational and consumer robotics companies.
May 2013Seed-$4M-Orbotix, the maker of Sphero robotic toys controlled via smartphone apps, had raised $35 million in total funding as of May 2014, including a $20 million round reported by TechCrunch. The company, based in Boulder, Colorado and originally incubated at TechStars, had previously raised $15.2 million across Series A, B, and C rounds from investors including Foundry Group, Highway 12 Ventures, and SK Ventures. By 2014, Sphero had sold approximately half a million units across its first and second versions, with the second-generation product retailing at $129. The company was preparing to launch its next product, the cylindrical robot Ollie, later in 2014.

Who has invested in Sphero?

7 investors have backed Sphero across its funding rounds, including Foundry Group, Mercato Partners, Disney, Techstars, Grishin Robotics and Shea Ventures.

Lead investors include Mercato Partners.


Sphero Investors

Investors in Sphero by funding rounds participated
InvestorHQRoundsRoleFirst check
Mercato PartnersUnited StatesSalt Lake City, UT2LeadJun 2015
DisneyUnited StatesLos Angeles, CA2ParticipantJun 2015
Foundry GroupUnited StatesBoulder, CO2ParticipantMay 2014
Grishin RoboticsUnited StatesSan Francisco, CA1ParticipantMay 2014
Highway 12 VenturesUnited StatesBoise, ID1ParticipantMay 2014

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Acquisitions by Sphero

Sphero has acquired 3 companies to date.

Last acquisition by Sphero was on August 23rd 2019. Sphero acquired littleBits Electronics for undisclosed valuation.


Latest Acquisitions by Sphero

littleBits Electronics
Specdrums
Ubooly
Description
New York-based littleBits Electronics offers modular kits with over 60 snap-together components for STEM learning. Launched in 2011, products include the Inventor Lab with 16 experiments, Code Kit integrating Arduino, and STEAM Student Set for classrooms. Acquired by Sphero in 2019, littleBits serves 10 million users in 140 countries through school programs and maker spaces.
Specdrums is a musical instrument system consisting of wearable rings that convert colors into sounds via Bluetooth connection to iOS devices. Developed by LEGO Education and headquartered in Billund, Denmark, the rings pair with a companion app supporting 50 instrument sounds and 30 drum kits. Users tap colored surfaces like paper mats, body parts, or 3D-printed keyboards to create rhythms in STEM education settings. Launched in 2018, Specdrums equips classrooms in over 100 countries for interactive music and coding lessons.
Ubooly is a Salt Lake City-based educational smart toy that integrates with iOS and Android devices to interact with children through speech and listening, promoting creative play.
HQ CountryUnited StatesUnited StatesUnited States
HQ City
New York City, NY
Boulder, CO
Boulder, CO
Deal Date23 Aug 201922 Jun 201831 Mar 2016
Valuationundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Sphero Competitors

Sphero competitors include listed companies like Ghost Studio, Atari, iDreamSky Tech Holdings and T3 Entertainment, and private ones like INUI and Grand Mobile.

Public and private companies comparable to Sphero
CompanyHQStatusRevenueEBITDAValuation
Ghost StudioHong KongHong KongPublicly listed$82M$7M$96M
AtariFranceFrancePublicly listed$39M$13M$84M
iDreamSky Tech HoldingsChinaChinaPublicly listed$200M$24M$101M
INUIUAEDubaiPrivate--$79M
Grand MobileKazakhstanKazakhstanPrivate--$75M
T3 EntertainmentSouth KoreaSouth KoreaPublicly listed$51M$18M$112M

Sphero Public Comps

Sphero is still privately-owned, but its public comps include Creepyjar, Mandarake, KLab, FriendTimes, Nexus, Atari, Ghost Studio, Neptune, 11 bit studios and Aurora World.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Creepyjar$8M$4M7.7x3.7x14.0x5.2x
Mandarake$98M$13M1.2x1.2x9.2x-
KLab$44M($25M)1.6x1.6x(2.8x)-
FriendTimes$186M$15M----
Nexus$27M$821K3.1x-99.7x-
Atari$39M$13M3.7x-11.3x-
Ghost Studio$82M$7M0.4x-4.9x-
Neptune$89M($30M)0.7x0.4x(2.2x)0.7x

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Common questions about Sphero

When was Sphero founded?Sphero was founded in 2010.
Where is Sphero headquartered?Sphero is headquartered in Boulder, CO, United States.
Is Sphero publicly listed?No, Sphero is a private, VC-backed company.
What is Sphero's valuation?Sphero was last valued at $90M in its Series A in June 2018.
How much funding has Sphero raised?Sphero has raised $136M across 9 funding rounds.
What was Sphero's last funding round?Sphero's last funding round was a $28M undisclosed-stage round in May 2019.
Who are Sphero's investors?Sphero's investors include Mercato Partners, Disney, Foundry Group, Grishin Robotics, Highway 12 Ventures, Techstars and Shea Ventures.
Which companies are comparable to Sphero?Companies comparable to Sphero include Ghost Studio, Atari, iDreamSky Tech Holdings, INUI, Grand Mobile and T3 Entertainment.
How many companies has Sphero acquired?Sphero has acquired 3 companies, including littleBits Electronics, Specdrums and Ubooly.

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