- Mind Candy Ltd., the company known for the popular Moshi Monsters franchise, announced it has raised $12 million
Mind Candy Ltd., the company known for the popular Moshi Monsters franchise, announced it has raised $12 million. Plus the company is selling its Petlandia business in order to focus completely on its relaxation model and bedtime story app.
Mind Candy’s $12 million fundraising round was led by existing investor Accel Partners. And Latitude Ventures and Triplepoint Capital also joined the round.
The Moshi: Sleep and Mindfulness app has 112,000 subscribers and the funding will be used to hire additional talent according to Chief Executive Officer Ian Chambers.
“The app is profitable, but now we need to extend our growth, particularly in the U.S.,” said Chambers in an interview with Bloomberg. “It’s our biggest market by far.”
Petlandia is a service that allows users to create personalized storybooks for their pets. That service generated sales of about 300,000 personalized storybooks. There are several buyers interested in Petlandia and the discussions are ongoing. And a deal is expected to close in the near term.
And Moshi Sleep has a subscription-based model. For about $40 per year, subscribers gain access to stories read by voice actors.
Mind Candy founder Michael Acton Smith stepped down as the head of the company in 2014 and co-founded Calm after that, a wellness app company that is valued at about $1 billion. Smith remains as the chairman of Mind Candy.
