Mighty Jaxx, an award-winning future culture company that designs and produces phygital collectibles, announced the final, undisclosed close of their oversubscribed Series A+ funding round.
The new tranche sees new strategic investors iDreamSky Technology Holdings Ltd (01119.HK) along with another undisclosed, leading technology company with rich intellectual property (IP) resources coming onboard, fuelled by burgeoning interest in the phygital and metaverse future.
As announced previously on 7 March 2022, this funding round was led by East Ventures (Growth Fund) and includes new strategic investor Mirana Ventures — the venture partner of Bybit and BitDAO, while Easternwind International, Pan Solar Ventures and Teja Ventures are the other new investors participating in the round.
Major investors from the previous rounds including KB Investment and Korea Investment Partners continue to participate and contribute towards the growth of Mighty Jaxx.
Mighty Jaxx has raised to date, in excess of $40 million in funding from a global network of investors that also includes the likes of New York-headquartered Greycroft, Singapore’s SGInnovate and China’s 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 collectible brands as well as new players. In this $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.” Jackson Aw, Founder and CEO of Mighty Jaxx, said.
“We are very grateful for the trust and support from all of our investors, and this recognition further reinforces Mighty Jaxx’s vision and ambition to reshape the collecting experience with new technology. The rich experience of our investors will help us break new ground and create a richer and more enjoyable future culture.”
With virtual reality, gaming and social media widely anticipated to be some of the earlier applications to be available on the metaverse, Mighty Jaxx will leverage on the support of both its new Chinese investors to focus on developing its extended reality and Web3 capabilities to bridge phygital collectibles with online, digital experiences.
Mighty Jaxx’s China-centric push into Web3 and the metaverse with its investors is opportune and critical, as the smartphone, mobile internet and Web2 business models continue maturing and the injection of new experiences could propel the market to newer heights.