ORIX Ventures Provides Fuhu, Inc. with New Funding
Announces $10 Million Financing for Creator of nabi Tablet, the World’s First Full-Featured Tablet for Kids
PALO ALTO, Calif., August 22, 2012 (BUSINESS WIRE) – ORIX Ventures, (Nasdaq: IX – News) a leading provider of debt and equity capital for growing technology companies nationwide, and Fuhu, Inc., the creator of the nabi tablet, the world’s first full-featured Android tablet for kids, announced today the closing of a $10 million venture debt financing.
“Fuhu, Inc. is redefining how children interact with technology in ways that are uniquely innovative and inspirational,” said Michael David, Managing Director & Co-Head of ORIX Ventures, the division of Dallas-based ORIX USA Corp that provides both debt and equity financing for growing companies. “We know there is incredible growth in the children’s technology vertical, and we are excited to support Fuhu, Inc. as it continues its category dominance in this dynamic market with the nabi 2 tablet.”
Fuhu, Inc. debuted the nabi 2 tablet last month, the world’s fastest tablet made especially for kids. Built on Android 4.0, the nabi 2 is the only tablet for kids powered by the NVIDIA® Tegra® 3 Processor, which allows for a device that is incredibly stable, powerful, graphically superior and more. With its own proprietary Monarch OS and premier content partners, the nabi 2 provides amazing and enriching experiences:
- Learn: nabi 2 was designed for learning, offering state-standardized core curriculum for kids K-5th grade in Math, Science, English and Social Studies. There are more than 2,500 lessons and 30,000 practice questions that allow kids to master a subject at their own pace. In addition, parents know exactly where their kids excel and need help with the detailed analytics-based N-SITE report.
- Play: the nabi 2 provides the most comprehensive kids entertainment solutions with its Spinlets+ Music and Spinlets+ TV apps, in addition to console-quality HD games, hundreds of ebooks, and much more.
- Grow: The nabi 2 teaches kids to make good choices, rather than limit them. With Chore List, parents can manage their children’s weekly priorities and reward them for completed tasks. As kids complete tasks and master educational lessons, they earn nabi™ Coins, which they can redeem in Treasure Box to buy amazing games, apps, music, videos and accessories.
- For Life: the nabi 2 tablet offers solutions to make parents’ lives easier with nabi™ Sync and nabi™ Cloud, where photos, apps, games and shows can be synched with a Mac or PC, and also saved to the cloud.
In addition, the nabi 2 is a great value, as it comes preloaded with more than $200 worth of free games, songs, books and more.
“There is an incredible amount of both retail and consumer excitement for our nabi 2 tablet,” said Jim Mitchell, CEO of Fuhu, Inc. “This new investment allows us to further expand our innovative ecosystem of products and services, continue growing our company, and develop more quality partnerships to increase our global reach. We are thrilled to have the experience, creativity, and support of such an established partner as ORIX Ventures.”
The nabi 2 tablet is available both online and in-store at Walmart, Best Buy and GameStop, and online at Target and Amazon for $199.99.
About ORIX Ventures
ORIX Ventures provides customized financial solutions up to $50 million in capital per transaction to mid- and late-stage companies which have established customers and run-rate revenues of $10 million or greater. Since its inception in 2001, ORIX Ventures has invested in more than 100 growth companies throughout the U.S. and Canada. www.orixventures.com. ORIX USA is a Dallas, Texas-based financial services and investment firm with more than 1,400 employees and primary offices in Dallas, New York, Los Angeles, Columbus and Minneapolis. ORIX USA holds approximately $6 billion of assets and manages through various subsidiaries an additional $25 billion. www.orix.com. ORIX USA is a wholly owned subsidiary of ORIX Corporation, a Tokyo-based, publicly owned international financial services company with operations in 27 countries worldwide. ORIX Corporation is listed on the Tokyo (8591) and New York Stock Exchanges (IX).
About Fuhu, Inc.
Fuhu, Inc., creator of the nabi tablet, is a leading designer, seller and innovator of thoughtful consumer products and services for children. Fuhu is committed to creating children’s solutions that are: (1) socially responsible, (2) made right, (3) make a difference in people’s lives, (4) for parents by parents, and (5) dedicated to the intellectual development of children. Fuhu is headquartered in El Segundo, Calif., with other U.S. offices in Denver and San Jose. For more information, visit www.fuhu.com and www.nabitablet.com.
Kathy Kwon for Fuhu, Inc.
310-227-8230 ext 25
C. Pharr & Company for ORIX Ventures
Shelby Sabin Menczer
972-931-7576 ext 353