Wow! Labs, the innovation arm of Wow! Stuff, is to raise an eight figure sum following its recent toy tech successes with Dave the Monkey (Vivid), Combat Creatures (Hasbro), Airswimmers (Toys R Us) and Real FX Racing.
Wow! Labs has seen a significant increase in selection of its products and brands in the last 18 months and as part of 'stage two', a second funding will "ensure exceptional further growth", states group CEO Richard North.
Head of Wow! Labs, Dr. Graeme Taylor, added: “The team at Wow! Labs are passionate about toys and technology with very fond memories for slot racing. The UK is seen as home of the slot car and the very essence of model car racing is as British as bangers and mash. Like all great inventions they inspire us to keep moving things forward and whilst we believe there will always be room for slot cars, that market is relatively small across the globe.
"Radio Control is the dominant category because consumers have realistic steering and therefore greater control. It's here that we want to make an impact. Real FX is slotless racing and allows the user to overtake or undertake anywhere on track, instantly with no predefined overtaking positions or pre-set lanes. The funds will allow us to further develop our first to market, expandable slotless track system across multiple territories and firmly establish Real FX as 'The most realistic racing experience outside of the real thing.'"
Existing equity partners The Business Growth Fund and Richard North are supporting the fundraising process and working alongside new equity partners.