UAE’s Dubai Myco, a Web3 streaming platform based in the United Arab Emirates, has successfully closed the first round of its Series A funding, raising $10 million from well-known venture capitalists in MENA, North America, and Europe. Daman Investments, Aptos Labs, B Digital, Mocha Ventures, Art3 Foundation, Ghaf Capital Partners, Mix Media Network, Factor6 Capital Partners, Enjinstarter, and a number of well-known strategic angel investors are among the important players. Republic.com was used by 88 accredited investors to participate in the round as well.
Republic Crypto served as a Web3 advisor and Daman Investments as an advisory partner and seed investor in the capital raise, which was completed at a post-money valuation of $80 million.
With $7.5 million in revenue and $1 million in EBITDA for the fiscal year 2023–24, Myco announced last month that it had turned a profit for the first time.
Alongside this fundraising achievement, last week saw the significant announcement of myco and Aptos Foundation’s multi-million-dollar partnership agreement. Beginning in Q4 2024, the platform plans to migrate its wallet infrastructure and relaunch its native utility token on the Aptos blockchain.
“myco has already demonstrated our ability to scale in key markets, achieving exceptional metrics in user growth, retention, revenue, and community building. With this new capital, we plan to replicate our success by expanding into markets with similar demographics and strong regional partnerships,” said Umair Masoom, Founder and Managing Director of myco.
Myco’s live streaming division has obtained all major cricketing rights for North America via Willow TV through 2025, including rights for the World Squash Federation and Egypt Squash Federation, as well as rights for Pakistan’s ICC and PSL cricket competitions. Moreover, myco holds
PUBG, Valorant, and Counter-Strike 2 are among the top e-sports titles available for streaming in the Middle East and North Africa (MENA), along with other sports rights including the Asian Hockey Championship and Brave MMA, and the English Premier League for Pakistan.
Myco is seeking to identify additional strategic growth territories in light of its recent expansions into Egypt and North America. The company hopes to complete a second closing on its Series A by early 2025.
