Playground nearly doubles target for Fund II

VC firm Playground Global, which was co-founded by Android creator Andy Rubin, raised $300m for its debut fund last year and is now targeting $500m for its second fund.

Venture capital firm Playground Global, which focuses on backing entrepreneurs building hardware products, has launched its second fund, Playground Ventures II, targeting $500 million, according to a regulatory filing.

The US Securities and Exchange Commission document, filed 22 November, indicates that the Palo Alto-based firm had not received its first commitment as of that date.

Playground was co-founded in November 2014 by Andy Rubin and Matt Hershenson, co-creators of Google’s operating system, Android, according to Rubin's LinkedIn profile.

Prior to this, the pair had been co-founders T-Mobile Sidekick developer Danger Inc. between 1999 and 2003. 

Earlier in his career, Rubin was an engineer at Microsoft, WebTV, software developer General Magic, Apple and medical system and tool developer Carl Zeiss Inc, his LinkedIn page indicated.

Rubin decided to form Playground to support other entrepreneurs develop products, according to Playground’s website. More specifically, Playground focuses on advising and funding entrepreneurs and start-ups that build hardware products.

He is currently also a venture partner at Redpoint Ventures, where he focuses on consumer mobile platform and investment opportunities.

Playground’s debut fund, Playground Ventures, closed on $300 million in October 2015, according to reports. An SEC filing from April 2015 showed that Fund I had raised $242.4 million from five investors at that point.

A separate SEC filing from the same date indicated Playground Global, the firm itself, had raised $48 million from seven investors. According to reports, Playground received $48 million in funding from investors such as Google, Hewlett-Packard, electronics manufacturer Hon Hai Precision Industry and others.

Hon Hai’s financial statement from August indicates that the multinational manufacturer had invested $639,144 in Playground Ventures and $387,360 in Playground Global.

Information about Fund I’s investor base was unavailable.

Playground’s current investment portfolio includes sound system developer SubPac, pool and hot-tub care technology provider pHin and wearable camera developer Nixie, according to the firm’s website.

Playground was not available to comment.