Tencent-backed Mighty Jaxx makes first close of US$20M Series A+ round

Singapore-based online platform for designer toys and collectibles, has made the first close of a US$20 million Series A+ funding round led by East Ventures (Growth Fund) with participation from Mirana Ventures, the venture partner of Bybit and BitDAO.

Easternwind International, Pan Solar Ventures, Teja Ventures, KB Investment and Korea Investment Partners joined the round.

As per a statement, the new tranche brings the company’s valuation to over US$200 million.

With this, the firm’s total capital raised to date has touched US$34.8 million. Last August, Mighty Jaxx bagged US$10 million in a round led by Tencent. New York-based Greycroft is also a backer of Mighty Jaxx.

Mighty Jaxx will use the new capital to deepen the expertise of its proprietary platform for tech-enabled collectibles and strengthen its ability to develop immersive and interactive phygital collectibles and content. It will also develop its extended reality and Web3 capabilities to bridge phygital collectibles and online, digital experiences with the support of Mirana Ventures.

Also Read: Mighty Jaxx raised US$10M in a Tencent-led round to grow its designer toys and collectibles biz

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 markets like Thailand, the Philippines and Indonesia increasingly investing more time on gaming, there is an emerging demand for new, interactive experiences that transcend the physical and digital divide. To meet this demand, Mighty Jaxx will leverage East Ventures’s expertise in Southeast Asia to further expand in the region and sharpen its digital development expertise.

Mighty Jaxx also plans to significantly increase the size of its global workforce, particularly in the areas of tech, creativity and licensing, over the next 18 months.

Founded in 2012 by CEO Jackson 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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