Mighty Jaxx wraps up Series A+ round, heads to China with its phygital collectibles
Mighty Jaxx, a Singapore-based online marketplace for designer toys and collectibles, has announced the final closure of its Series A extension round, which was oversubscribed.
The latest tranche was invested in by iDreamSky Technological and an unidentified technology business “with substantial intellectual property resource.”
Mighty Jaxx announced the first closure of a $20 million Series A extension sponsored by East Ventures (Growth Fund) with participation from Mirana Ventures only days ago. Easternwind International, Pan Solar Ventures, and Teja Ventures, in addition to current investors KB Investment and Korea Investment Partners, are among the round’s backers.
Mighty Jaxx has secured approximately $40 million in funding to date from a worldwide network of investors that includes Greycroft, SGInnovate, and Finewill Capital.
“We have observed a qualitative leap in the growth of the Chinese collectible market over the past few years, led by the rise of Chinese brands and new players. In this US $100 billion market, phygital collectibles will emerge as a key focus point in the drive for digital convergence and for the rise of the metaverse and the creator economy,” said Jackson Aw, Founder and CEO of Mighty Jaxx.
According to a Morgan Stanley estimate, China’s entire addressable market is worth over $8 trillion dollars.
Mighty Jaxx will use the fresh funds to expand its unique platform for tech-enabled collectibles in China, bolstering the company’s capacity to create immersive and engaging phygital collectibles and content. It will also focus on improving its extended reality and Web3 skills to connect physical treasures with online, digital experiences, with the help of its new Chinese backers.
In addition, the company plans to expand its IP creation skills in order to generate tales and phygital goods.
Mighty Jaxx, founded by Aw in 2012, is an urban culture firm that collaborates with worldwide talents and companies such as Warner Brothers, DC Comics, Looney Tunes, Sesame Street, and Casio G-Shock to create 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.
