New toy brand StarPony goes overseas branding
08.29
/ 2023
On August 25th, StarPony, a new toy brand, announced that it has completed its Series A financing of more than 10 million US dollars, with a post-investment valuation of more than 100 million US dollars. The funds will be used for StarPony's global business expansion, including strengthening talent team building, product development, and brand building.
StarPony was co-founded in August 2020 by a number of industry veterans and is dedicated to providing innovative toys that are fun and educational for children between the ages of 3 and 10 years old. Founder and CEO Ken Shi Cangjian was previously the International General Manager of Ali's Mobile Division and President of Ali Games. The team has rich experience in product operation in the fields of entertainment, children, and globalization.
StarPony products adhere to the design direction of puzzling, intelligent, and IP-based. StarPony's star products include two series of original plush dolls, OUOZZZ, and hyper-realistic children's dolls, which have been sold on overseas e-commerce platforms such as Amazon.com, etc. OUOZZZ has sold nearly one million dolls since its launch on the U.S. Amazon.com website in 2021, and the dolls have sold more than 300 million globally, and have been ranked as the top sellers of the same kind of products in many countries in Europe and the United States.
In the future development plan, StarPony will continue to plow the domestic market to build brand strength, while accelerating the expansion of the global market, including the English-speaking countries, Europe, etc. StarPony CEO Ken Shi Cangjian said, China is the world's largest toy production base, but high-quality independent brands are still relatively rare. StarPony hopes to build an international toy brand with global influence through independent research and development and brand operation excellence.
From the external environment, China has the world's largest toy production and export scale, with the export value in 2020 up to 334.9 billion U.S. dollars. However, for a long time, Chinese enterprises have been better at OEM production, and the construction of independent brands is still relatively weak. With the improvement of domestic living standards and the relaxation of the birth policy, the number of children in the future will continue to increase, the toy market has great potential.
Compared with traditional toys, smart and digital toys have become a new trend, StarPony is expected to increase the application of smart and Internet technology after this round of financing. StarPony is expected to increase the application of smart and internet technology in its products after this round of financing, such as increasing the interactivity of toys, adding educational elements, and other innovative designs. In addition, StarPony also plans to create a similar "millet ecological chain" of toy product matrix, and actively layout more related categories.
Chinese toy companies should seize the opportunity of industrial development, on the one hand, increase the cultivation of independent brands, and enhance brand value and international influence. On the other hand, increase investment in scientific and technological R&D and design innovation, in-depth application of the mobile Internet, digitalization, and other new technologies to promote the upgrading of traditional toys. Looking forward to the policy support, more globally competitive Chinese toy brands rise, for the world's children to bring joy and growth.
Chinese toy brands to go overseas have the following points of reference:
1. Clear globalization development plan: StarPony takes English-speaking countries as its bridgehead and focuses on developed markets first. Brands going overseas need to formulate a systematic global strategy, with a clear focus on breakthrough countries and regions.
2. Accelerate product innovation and upgrading: StarPony has increased the use of smart and IP elements. Chinese brands should accelerate technology R&D and design innovation to achieve product differentiation.
3. Multi-channel brand promotion: StarPony is developing both online and offline channels. Branding overseas requires localized operations, and a rich mix of promotion channels is crucial.
