Mighty Jaxx raises US$ 20 million in series A+ funding led by East Ventures
8 March 2022
Mighty Jaxx, an award-winning future culture company that designs and produces ‘phygital’ collectibles, announced the first close of US$ 20 million in their oversubscribed Series A+ funding round, pushing the company’s valuation to over US$ 200 million.
The funding round, fueled by burgeoning interest in the phygital and metaverse future, was led by East Ventures (Growth Fund) and includes new strategic investor Mirana Ventures – the venture partner of Bybit and BitDAO.
Easternwind International, Pan Solar Ventures and Teja Ventures are the other new investors participating in the round, while major investors from the previous rounds including KB Investment and Korea Investment Partners continue to participate and contribute towards the growth of Mighty Jaxx.
To date, Mighty Jaxx has raised US$ 34.8 million in funding from a global network of investors that also includes Greycroft, a New York-headquartered venture firm focused on the Internet and mobile.
Jackson Aw, Founder and Chief Executive Officer at Mighty Jaxx, said, “We greatly appreciate the support that we’ve received from our investors, both new and existing. Their continued confidence in Mighty Jaxx further cements our vision and ambition to redefine the fan and collectors’ experience through our platform. Armed with the vast experience of our investors, we will continue pushing the boundaries and create even richer and more enjoyable future culture.”
“This funding marks a significant moment in the company’s journey, and we are beyond excited. 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. We look forward to introducing a new Mighty Jaxx experience to consumers globally in the very near future.”
Further Expansion in Southeast Asia
With people in the region spending more time than ever in virtual spaces, and 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 be leveraging on East Ventures’ expertise in Southeast Asia to further expand its presence in the region and sharpen its digital development expertise, enabling the company to bring to life more immersive phygital experiences that integrate physical products with digital spaces and elements. Furthermore, with the expansion, Mighty Jaxx will be placed closer to home with brands and consumers in the region, enabling the company to better represent their unique cultures authentically.
Willson Cuaca, Co-Founder and Managing Partner at East Ventures, said, “Without a doubt, the world has become digital-first. Interconnectedness, immersion, and interactivity in the virtual realm will become cornerstones in how communities are forged and sustained. What Jackson and his team are doing at Mighty Jaxx will truly reimagine the idea of physical-digital interaction and how it facilitates engagement between collectors, fans, and brands. We are already seeing brands and fandoms embrace Web3 and constructing their own metaverses, and with Mighty Jaxx’s creativity and inventive approach, the future is theirs.”
Enhancing Phygital and Operational Capabilities for the Web3 and Metaverse Future
The funding will also allow Mighty Jaxx to further deepen the expertise of its proprietary platform for tech-enabled collectibles, strengthening its ability to develop immersive and interactive phygital collectibles and content. As it positions itself at the forefront of the creator economy and the metaverse future, Mighty Jaxx will also be developing its extended reality and Web3 capabilities to bridge phygital collectibles and online, digital experiences with the support of Mirana Ventures.
Scaling Global Talent Pool
Pivotal to enhancing operational capabilities will be Mighty Jaxx’s plans to significantly increase the size of its global workforce, particularly in the areas of tech, creative and licensing over the next 18 months.
Operationally entrenched in Singapore and China and with both London and Los Angeles offices in its nascent stages, there will be a priority on adding key executive roles as Mighty Jaxx looks to keep scaling in the U.S. and Europe, and deepen its business in China and Southeast Asia.
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 decentralized economy takes root alongside developments and the inevitable adoption of Web3, independent creators will undoubtedly rise in number and influence.
Jackson added, “The creator market will be increasingly democratized, and we expect more unique collectibles and experiences to hit the market. By tapping on our synergies with the investors and building up our digital offerings, Mighty Jaxx will be able support creators in leveraging growing interest in virtual ecosystems to offer immersive experiences, bolstered by continually updated and refreshed digital content. The future of experiences will be phygital and enabled through the creator economy.”