The first closure of a US $20 million Series A+ investment round led by East Ventures (Growth Fund) with participation from Mirana Ventures, the venture partner of Bybit and BitDAO, has been announced for the Singapore-based online marketplace for designer toys and collectibles.
The round was joined by Easternwind International, Pan Solar Ventures, Teja Ventures, KB Investment, and Korea Investment Partners.
The latest tranche raises the company’s worth above $200 million, according to a statement.
The firm’s total cash raised so far has now reached $34.8 million. Mighty Jaxx raised $10 million in financing headed by Tencent in August. Greycroft, situated in New York, is also a supporter of Mighty Jaxx.
Mighty Jaxx plans to utilise the funds to expand its proprietary platform for tech-enabled collectibles and to improve its capacity to create immersive and engaging digital collectibles and content. With Mirana Ventures’ help, it will also enhance its extended reality and Web3 skills to integrate physical collectibles with online, digital experiences.
Jackson Aw, Founder and CEO at Mighty Jaxx, said: “We will be doubling down on our expansion and growth plans as we tap on the tremendous market potential presented by increasingly digitally-savvy consumers.”
With countries such as Thailand, the Philippines, and Indonesia devoting more time to gaming, a need for innovative, engaging experiences that bridge the physical and digital gap is growing. Mighty Jaxx will use East Ventures’ expertise in Southeast Asia to expand in the area and strengthen its digital development capabilities in order to fulfil this demand.
Over the next 18 months, Mighty Jaxx plans to significantly expand its global workforce, particularly in the areas of technology, creativity, and licencing. Mighty Jaxx, founded in 2012 by CEO Jackson Aw, is an urban culture firm that collaborates with worldwide talents and brands such as Warner Brothers, DC Comics, Looney Tunes, Sesame Street, and Casio G-Shock to develop and produce collectibles and lifestyle goods.
It is developing an integrated platform to provide future pop-culture businesses with an end-to-end collectibles supply chain, encompassing artist creation and incubation, proprietary IP management, and worldwide consumer access through innovative retail.
According to the organisation, it has transported millions of goods to over 60 nations, with a wide range of collectibles, gaming, lifestyle, and fashion offers.
Mighty Jaxx released Nubbies: Sesame Street, a hyper-casual game, in March to coincide with the debut of a new collectible series of the same name. The creator economy, which is worth more than $100 billion and serves as the nexus for e-commerce, social media, and online communities, is rapidly expanding. Independent producers will likely grow in number and importance as the notion of a decentralised economy takes root alongside innovations and the eventual adoption of Web3.
