JPMorgan has provided a credit facility to Nex, the company behind the fitness-centric family gaming console Nex Playground, as part of more than $150 million in new financing that also includes a Series E equity round.
The Series E was led by Baillie Gifford and BAI Capital, with participation from NBA Investments, Logitech, Medici Capital Partners and the Raine Group. The size of the JPMorgan credit facility was not disclosed.
The San Jose, California-based company will use the financing to support expansion across retail distribution, grow its content ecosystem with major gaming and entertainment partners, and roll out “connected play”, enabling families to play across households and distances.
Nex is also expanding internationally. Its console is already available in Canada, the UK and Ireland, with Germany slated to follow later in 2026 and Japan and Korea planned for 2027.
The company said it has sold more than 1 million units and is distributed across more than 7,000 US retail locations, including Costco, Sam’s Club, Target, Walmart and Best Buy. Its subscriber base has grown sevenfold over the past 18 months and is approaching 1 million subscribers, which Nex expects to surpass by year-end.
Nex Playground offers 60 games and experiences spanning music, sports, fitness, party and learning, with titles and brands including Bluey, Barbie, Kung Fu Panda and Peppa Pig. Upcoming content includes NFL Flag, Dude Perfect Trickshot Challenge and PAC-MAN with Bandai Namco.
Alongside the financing, Nex said Jeff Shouger, formerly of Niantic, is joining as Chief Financial Officer and board member. Bing Gordon is also joining the board. The company is led by Chief Executive David Lee.