Online gaming platform Roblox announced Wednesday that it has raised $520 million in new Series H funding with investors that include Warner Music Group and the Investment Group of Santa Barbara. The announcement was made in advance of the company’s plan to float on the stock exchange in a direct listing, similar to the one made by Spotify in 2018.

The round was led by Altimeter Capital and Dragoneer Investment Group, and values the company at $29.5 billion. According to Music Business Worldwide, Warner has invested an “eight-figure sum” in the company.

The proceeds from the financing will “advance Roblox’s growth initiatives and mission to build a human co-experience platform that enables shared experiences among billions of users,” according to the announcement.

Perhaps inspired by Fortnite’s success with music, Roblox has been making moves into the space. Lil Nas X held a concert on the platform in November that drew more than 30 million views across four weekends, and Ava Max held a virtual album-launch party on it earlier in the year. In July, Roblox said it was drawing more than 150 million global active users each month.

“We’re thrilled to welcome Altimeter, Dragoneer and the other new investors,” said David Baszucki, CEO and co-founder of Roblox. “We look forward to working with all of them as we continue our mission to build a human co-experience platform that enables shared experience, from play to work, and learning among billions of users.”

“While once viewed as a gaming platform, Roblox has emerged as a definitive global community connecting millions of people through communication, entertainment and commerce,” said Brad Gerstner, CEO of Altimeter. “And as the world moves toward a hybrid future – where online and offline community and learning co-exist, we are proud to back a values-driven business that takes seriously its obligation to build an inclusive, creative, and positive community.”