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Oct. 19, 2021, 7:37 a.m. EDT

Toymaker Spin Master creates venture arm

Spin Master Corp. (TSE:CA:TOY) announced the creation of a venture arm, Spin Master Ventures, that will make minority investments in the company's three core areas: toys, entertainment and digital games. The company will start by allocating $100 million to the venture group and focus on North America and Europe initially. The company has already made an investment in Nørdlight, a Stockholm-based mobile games company with more than 50 years of experience, and Hoot Reading, and online live tutoring service. "Spin Master Ventures will establish us as the partner of choice for entrepreneurs looking for capital to start and grow a business in the kids' space and will complement our acquisition strategy as well as bolster our product development pipeline," said Ronnen Harary, Spin Master co-founder and board chair, in a statement. Spin Master stock has gained 45.3% for the year to date while the S&P 500 index (S&P:SPX) is up 19.5% for the period.

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