Singapore-based online platform for designer toys and collectibles company Mighty Jaxx has announced the final close of its oversubscribed Series A extension round.
iDreamSky Technology and an undisclosed technology company “with rich intellectual property resource” invested in the new tranche.
This deal comes days after Mighty Jaxx announced the first close of a US$20 million Series A extension led by East Ventures (Growth Fund) with participation from Mirana Ventures. Other backers in the round are Easternwind International, Pan Solar Ventures, and Teja Ventures, besides existing investors KB Investment and Korea Investment Partners.
To date, Mighty Jaxx has raised over US$40 million from a global network of investors that also 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.
Also Read: Mighty Jaxx raised US$10M in a Tencent-led round to grow its designer toys and collectibles biz
As per a Morgan Stanley study, China’s total addressable market accounts for about US$8 trillion.
The new investments will allow Mighty Jaxx to deepen the expertise of its proprietary platform for tech-enabled collectibles in China, strengthening its ability to develop immersive and interactive phygital collectibles and content. It will also leverage the support of its new Chinese investors to focus on developing its extended reality and Web3 capabilities to bridge phygital collectibles with online, digital experiences.
In addition, the startup will look to deepen its capabilities in IP development to create stories and phygital products.
Founded in 2012 by Aw, Mighty Jaxx is an urban culture company that designs and manufactures collectibles and lifestyle products in partnership with global talents and brands such as Warner Brothers, DC Comics, Looney Tunes, Sesame Street, and Casio G-Shock.
It is building an integrated platform to empower future pop-culture brands with the end-to-end supply chain of collectibles, including artist development and incubation, proprietary IP operation, and providing global consumer access with new retail.
The company claims so far, it has shipped millions of products to over 60 countries with diverse offerings in collectibles, gaming, lifestyle, and fashion.
Last March, Mighty Jaxx launched Nubbies: Sesame Street, a hyper-casual game title, in association with the new collectible series of the same name.
Valued at more than US$100 billion, the creator economy is undergoing staggering growth as it forms the focal point into which e-commerce, social media, and online communities converge. As the concept of a decentralised economy takes root alongside developments and the inevitable adoption of Web3, independent creators will undoubtedly rise in number and influence.
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