Genius Brands International has raised $6 million in funding through a private placement of 6,000 newly designated shares.
The company sold each share of preferred stock at $1,000 per share.
Genius Brands represents a number of licensed brands including Warren Buffet’s Secret Millionaires Club, BabyGenius and the kids’ series “Thomas Edison’s Secret Lab.”
“Since merging with A Squared Entertainment, Genius Brands has been growing rapidly,” says Andy Heyward, chairman and chief executive officer, Genius Brands. “The proceeds of this placement will be used to market our brands, expand our global licensing and distribution business, and accelerate our business plan. With existing cash along with the current placement, the company is in an extremely strong position, and is very excited about bringing our brands to the marketplace.”
The transaction was led by Wolverine Asset Management, a global institutional investor headquartered in Chicago, Ill. Other investors included Andy and Amy Heyward, family offices, other institutional investors, friends and family.