Following its $10 million Series A funding round, myco is set to expand its Web3 streaming services into new markets.
The Web3 streaming platform myco has completed the first closing of its $10 million Series A funding. Venture investors from North America, MENA, and Europe participated in the round.
Some key investors included Daman Investments, B Digital, Aptos Labs, Art3 Foundation, Mocha Ventures, Ghaf Capital Partners, Enjinstarter, Factor6 Capital Partners, Mix Media Network, and other strategic angel investors. The round also saw participation from 88 accredited investors through the Republic.com platform.
The UAE-based company raised this funding at a post-money valuation of $80 million. Daman Investments acted as an advisory partner and seed investor, and Republic Crypto acted as a Web3 Advisor.
“myco has already demonstrated our ability to scale in key markets, achieving exceptional metrics in user growth, retention, revenue, and community building. With this new capital, we plan to replicate our success by expanding into markets with similar demographics and strong regional partnerships,” said Umair Masoom, Founder and Managing Director of myco.
This funding milestone is accompanied by last week’s major announcement of the multi-million dollar partnership deal between Myco and its new blockchain partner, Aptos Foundation. The platform is set to relaunch its native utility token on the Aptos Blockchain at the beginning of Q4 2024, along with the migration of its wallet infrastructure.
Last month, myco reported its first profitable year, with an EBITDA of $1 million and revenue of $7.5 million for the 2023-24 fiscal year.
myco’s live-streaming division has secured major rights until 2025, including ICC and PSL Cricket Rights for Pakistan, all major cricketing rights for North America via Willow TV, and rights for the World Squash Federation and Egypt Squash Federation. Additionally, myco holds English Premier League Rights for Pakistan and various sports rights like the Asian Hockey Championship and Brave MMA, along with leading e-sports streaming rights for games such as Counter-Strike 2, PUBG, and Valorant in the MENA region.
Following recent expansions into North America and Egypt, myco is identifying further strategic growth territories and aims to conclude a second closing on their Series A by early 2025.
