Tonies SE

Tonies is a category-defining figurine-based audio streaming system for children composed of a smart speaker box (Toniebox) and complementary small figurines (Tonies) delivering audio content over a cloud infrastructure.



€ 225m

Turnover: (2022)


Date of acquisition

Frankfurt Stock Exchange

(ISIN: LU2333563281)

Stock exchange

Registered office
Düsseldorf, Germany
Business Sector

Interactive audio system for young children

Investment thesis

Our investment thesis is built on several attractive attributes:

  • Category-defining properties of Tonies audio system with the potential to become a global player, with proof of concept for business model in DACH markets and first successes in international markets
  • Repeat / “razorblade” business model and established barriers to entry due to the high installed base and existing licenses with content providers
  • Significant market potential, driven by positive trends (increasing toy spend per child, trend to reduce screen-time, stable birth rates) in underlying markets for toys and games / children audio content
  • Strong sales and margin growth potential, driven by replication of success from the DACH region in international markets


  • Proof of concept for business model in DACH market and first success in international markets (mainly US, UK, France)
  • Implementation of a new organizational structure with successful recruitment of experienced key personnel in 2020/21
  • Optimization of the supply chain by switching to a multiple-source strategy for major procurement categories
  • Stock market listing through SPAC in 2021