In 2020, Fredrik Löving took over as Toca Boca's new CEO. In 2016, Bonnier sold Toca Boca to the Canadian toy and entertainment company Spin Master for SEK 263 million. Toca Boca’s apps has been downloaded more than 400 million times by users in over 238 markets ever since the first launch.

The company launched its first app, Helicopter Taxi, in March 2011 and has since released nearly 50 more apps, making Toca Boca one of the largest app developers in the children's games market. Ovemar and Jeffery felt that there was a lack of good educational and playful touchscreen games for the youngest players. Toca Boca was founded in September 2010 by Swedes Emil Ovemar and Björn Jeffery, both of whom worked for the Bonnier Group. The studio is, since April 2016, owned by Spin Master and is based in Stockholm, Sweden. The games cannot be won or lost, nor do they have high scores or courses. Toca Boca's games are based on the idea that children should be able to understand them without adult instruction. Toca Boca is a Swedish video game developer focused on child-friendly applications for tablets and smartphones – the studio has more than 70 active million app users worldwide.

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