Singapore firm Mighty Jaxx raises $20M to build metaverse platform

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Key Takeaways

• Singapore-based phygital collectibles firm has raised $20 million in Series A funding round
• East Ventures, the Jakartan venture capital led the funding round
• The latest round will enable Mighty Jaxx to make a foray into the metaverse

YEREVAN (CoinChapter.com) – Mighty Jaxx, the Singapore-based phygital collectibles startup, has raised $20 million in Series A funding. With a total current capital of $34.8 million, the company’s total evaluation stands at over $200 million after the latest funding.

Jackson Aw founded Mighty Jaxx in 2012. Since then, the company has partnered with global brands including Adidas, Netflix, Hasbro, and Nickelodeon. Phygital toys and collectibles, which the company makes, use technology to bridge the digital world with the physical world. The company will now make a foray into the metaverse with the funding secured.

“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,”

 Jackson Aw, Founder, and CEO at Mighty Jaxx said.

In August 2021, Mighty Jaxx had raised $10 million led by Chinese tech giant Tencent. Mighty Jaxx had raised S$2.15 million in its pre-series A round in 2019 and S$3.2 million in April 2020.

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East Ventures leads funding round for Mighty Jaxx

Indonesia-based venture capital firm East Ventures led the latest $20 million funding round. Founded in 2009, East Ventures has supported hundreds of companies in the Southeast Asian region. It has a notable presence in Indonesia, Singapore, Japan, Malaysia, Thailand, and Vietnam.

The list of companies in East Venture’s portfolio includes big regional names. Tokopedia, Traveloka, Mercari, Ruangguru, Warung Pintar, and Kudo are some of the companies that have received funding from East Venture.

“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.”  

Willson Cuaca, Co-Founder, and Managing Partner at East Ventures said.

Besides East Ventures, the other new investors include crypto fund Mirana Ventures, Easternwind International, Pan Solar Ventures, and Teja Ventures. In addition, some existing investors also added on their previous stakes, such as KB Investment and Korea Investment Partners. 

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Eyeing Southeast Asia expansion

Following the latest funding round, Mighty Jaxx hopes to expand into Southeast Asia. East Ventures has a strong presence in the region and will help the company strengthen its foothold. 

“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.” 

Aw said.

With the additional Series A funding secured, the company plans to work with Mirana Ventures to enter the metaverse.

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