Valued at 250 million yuan, founded four months ago, "MOMOTOY", the "Hermès of trendy toys", has secured tens of millions of yuan in financing.
The capital market's attention to trendy toys has never waned.
Recently, 36Kr learned that the AI trendy toy brand "MOMOTOY" has completed tens of millions of yuan in financing, invested by Yipu Fund, with a post - investment valuation of 250 million yuan.
Established just 4 months ago, MOMOTOY features 999 pure gold blind boxes and AI emotional interaction as its core, taking a differentiated path of combining high - end luxury and technology. The brand's person - in - charge revealed that the funds from this round of financing will be mainly invested in four core areas: AI technology iteration, the launch of high - end product matrix, global channel expansion, and the establishment of flagship stores in core business districts.
Industry data shows that in 2025, the scale of China's trendy toy market reached 8.797 billion yuan, a year - on - year increase of 21%, surpassing the scale of the traditional toy market for the first time. It is expected to exceed 11 billion yuan in 2026, with an average annual growth rate of over 20%.
Against the backdrop of the continuous expansion of this hundred - billion - level track and the unabated capital enthusiasm, based on five core barriers of technology breakthrough, IP, channels, supply chain, and team, MOMOTOY's revenue increased by over 200% in 3 months. The brand's total signed amount across all channels has reached 64.5 million yuan, it has entered more than 400 trendy toy stores, its products cover more than 10,000 offline stores globally, and it has reached in - depth strategic cooperation with leading technology brands such as Apple.
It is reported that MOMOTOY has built a mature supply chain system. Multiple PVC production lines and flexible production capacity can meet the demand for large - scale orders. The design team is mainly composed of those born in the 1995s and 2000s, and most of the members come from top institutions such as the Academy of Arts & Design, Tsinghua University and Central Saint Martins.
IPs under MOMOTOY
The Hermès of Trendy Toys
Currently, the trendy toy industry is not short of players, but lacks those who can truly break out of the involution and build long - term barriers.
The traditional model highly relies on blind boxes, has homogeneous IPs, low technological content, and a capped premium space. A large number of brands are caught in low - level competition. This is because most brands still stay at the "material consumption" level described by Miura Manabu and fail to meet the deep - seated emotional needs of users.
MOMOTOY was founded in November 2025. From the very beginning, it did not define itself as a traditional trendy toy company. Instead, it takes emotional companionship as the underlying logic and builds a complete closed - loop of IP + AI + supply chain + all - channel.
The brand advocates "Only happiness can define me" as its core concept, taking emotional companionship as the underlying logic of products and IPs. Against the social background of increasing pressure and loneliness among young people, it brings trendy toys back to the outlet for emotions.
In terms of product layout, MOMOTOY does not adopt the approach of covering the market with a single price range and a single form. Instead, according to user needs and consumption ability, it forms a pyramid structure from mass entry - level to high - end collectibles.
For example, in the high - end market, it pioneered 999 pure gold blind boxes, integrating rare gemstones, precious metals, and intangible cultural heritage craftsmanship into the design, and launched a collection series worth tens of thousands of yuan, making trendy toys not just toys, but carriers with scarcity, collectibility, and certain asset attributes.
This differentiated positioning caters to the emerging "self - pleasing investment" psychology among the current young consumer groups - it not only meets the current emotional pleasure but also has future scarce collection value. The products are called "the Hermès of trendy toys" and "the new Moutai for young people" in the market.
Dundun Beast - Gold Hidden Edition
Meanwhile, the brand has not given up the mass market. Instead, it forms a product structure of "mass - market models + mid - range models + high - end luxury models", which not only ensures scale growth but also maintains high gross profit and brand image, and builds a certain anti - cyclical ability.
To further extend the emotional value, the brand also launches high - quality peripherals such as pearls and fragrances, allowing users to find their own "meaningful consumption". The brand's person - in - charge revealed that IP is MOMOTOY's core asset and the key to differentiating the brand from homogeneous players.
Different from the practice of quickly applying images and rushing to launch products in the industry, MOMOTOY has established a full - link incubation system from artist discovery, IP worldview construction, image design, process R & D to market promotion, insisting on having an emotional core first and then the product form.
Currently, the brand has more than 50 original IPs and more than 10 top - level authorized/co - branded IPs. It does not rely on a single hit product, which improves the IP's risk - resistance ability. Among them, the Dundun Beast series is the most representative IP. It was sold out at its first appearance at the Beijing QDF exhibition, with an average of one sold every 3 minutes.
Dundun Beast Series
In addition, original IPs such as Ideal Figure, Kernel Universe, Twin Metaverse, DIKO, MEMO, You Sen Island, and Angry Flash respectively correspond to the spiritual demands of young people such as self - expression, breaking out of involution, pursuing relaxation, and emotional release.
Left: Twin Metaverse Middle: DIKO Right: Ideal Figure
At the channel level, MOMOTOY adopts an operation strategy of integrating online and offline and promoting globally in sync. Online, it arranges Tmall flagship stores, Douyin official stores, and WeChat mini - programs, and connects the membership system and data operation. Offline, it uses direct - operated stores, robot unmanned stores, and theme pop - up stores as carriers to create immersive experience scenarios.
The "Pop Mart" of AI Trendy Toys
High - end luxury and collectibility are not the only differentiations of MOMOTOY.
In the view of the brand's person - in - charge, AI emotional interaction is MOMOTOY's most core barrier and the most essential difference from traditional trendy toys.
Currently, the AI toy track is on the verge of explosion. In 2024, the global market scale was 11 billion US dollars, and the domestic market was 24.6 billion yuan. It is expected that the global scale will exceed 58 billion US dollars in 2030, with a compound annual growth rate of nearly 30%, far higher than that of traditional trendy toys.
In the traditional trendy toy track, the barriers lie in the popularity of IPs and the distribution ability of channels. These barriers are not insurmountable. MOMOTOY has chosen a path with a higher ceiling - to become a complex of a "technology company" and a "cultural company".
During the AWE (China Appliance & Electronics Show) in March this year, MOMOTOY systematically disclosed its core technologies. At the booth, North American buyers stayed in front of the AI Dundun Beast for more than half an hour, testing voice responses and emotional recognition one by one, and repeatedly asking about the technical principles and mass - production cycle.
MOMOTOY has built five major AI technology systems centered on memory grading, dynamic emotions, psychological analysis, end - cloud collaboration, and in - depth emotional understanding, covering three dimensions of basic interaction, multi - language adaptation, and personalized customization.
Different from the shallow transformation of "product + voice" in the industry, the brand realizes two - way dialogue, emotion recognition, and active comfort through self - developed emotional interaction ability. At the same time, it supports real - time multi - language communication, voice cloning, customized agents, and progressive memory functions, upgrading trendy toys from static ornaments to emotional partners that can accompany, empathize, and respond.
On this basis, relying on the three core technologies of memory stratification, dynamic emotions, and psychological analysis, and superimposing the five major technology systems of software - hardware integration, MOMOTOY further connects the full - ecological scenario layout of "cars, homes, heaven, earth, and chips", enabling trendy toys to completely break out of the limitations of simple ornaments or accessories.
In terms of data security that users are concerned about, MOMOTOY took the lead in establishing a personal data space, supporting hierarchical information management and encryption protection. Data is directly connected to the intelligent agent without uploading to the cloud, allowing users to truly take the initiative in information security. It also further connects in - vehicle and smart home systems to achieve full - scenario intelligent linkage.
Data shows that 78% of users are willing to pay a premium for the emotional companionship function. In the view of the brand's person - in - charge, this model of "physical product + emotional interaction" enables MOMOTOY to open up an incremental space beyond traditional trendy toys.
AI - enabled Dundun Beast
In terms of brand promotion, in the program "Spring Festival Gala Soon" related to the CCTV Spring Festival Gala this year, the Dundun Beast family appeared on the screen in the form of on - site trendy displays. Meanwhile, MOMOTOY also appeared on the advertising screen of the "American Super Bowl", the overseas Spring Festival Gala. Combined with exhibitions such as the AWE (China Appliance & Electronics Show), official data shows that MOMOTOY achieved brand exposure in the tens of billions or even hundreds of billions in a very short time. To a certain extent, this helped MOMOTOY quickly break out of the niche trendy toy circle and enter the vision of the mass and international markets.
MOMOTOY appeared in "Spring Festival Gala Soon"
Appearing in occasions such as the "Super Bowl" corresponds to MOMOTOY's global layout strategy established from the very beginning. Different from most trendy toy brands that first focus on the domestic market and then gradually expand overseas, MOMOTOY has set its sights on the global market from the start.
In terms of specific regional selection, MOMOTOY has also taken a differentiated path. Many trendy toy brands initially give priority to Southeast Asia, which has similar cultures and lower market thresholds, while MOMOTOY directly targets the European and American markets. It is reported that its Silicon Valley store will open in April, and the co - branded store in Paris is also being prepared for opening.
MOMOTOY's overseas store
Entering 2026, MOMOTOY has also set clear growth goals: to launch more than 700 new products across all categories throughout the year and complete the layout of 50 offline stores globally.
The investor, Yipu Fund, said: "We are very optimistic about the structural opportunities captured by MOMOTOY. The brand reconstructs the trendy toy product experience with AI core technology, breaks the homogeneous competition in the industry through product innovation, and successfully expands trendy toy consumption from a single collection scenario to multiple scenarios such as emotional companionship, high - end socializing, and value investment, opening up an incremental space in the hundred - billion - level trendy toy market."