Dubai, UAE – Myco, a UAE-based Web3 streaming platform, has successfully completed the first closing of its Series A funding round, raising $10 million from a diverse group of prominent venture investors across MENA, North America, and Europe. The round was backed by key participants including Daman Investments, Aptos Labs, B Digital, Mocha Ventures, Art3 Foundation, Ghaf Capital Partners, Mix Media Network, Factor6 Capital Partners, and Enjinstarter. Additionally, 88 accredited investors participated through Republic.com.
The capital raise, which valued the company at a post-money valuation of $80 million, was supported by Daman Investments as both an advisory partner and seed investor, with Republic Crypto acting as Myco’s Web3 advisor.
Myco’s recent financial performance has been notable, with the platform reporting its first profitable year last month. For the 2023-24 fiscal year, Myco achieved an EBITDA of $1 million on revenue of $7.5 million.
This funding milestone follows a major partnership announcement last week, where Myco revealed a multi-million-dollar deal with its new blockchain partner, Aptos Foundation. As part of this collaboration, Myco plans to relaunch its native utility token on the Aptos blockchain in early Q4 2024, accompanied by the migration of its wallet infrastructure.
“At Myco, we’ve 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.
Myco’s live streaming division has secured significant rights until 2025, including ICC and PSL cricket rights for Pakistan, major cricketing rights for North America via Willow TV, and rights for the World Squash Federation and Egypt Squash Federation. Additionally, the platform holds English Premier League rights for Pakistan and various other sports rights such as the Asian Hockey Championship and Brave MMA. Myco also leads in 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 eyeing further strategic growth territories and aims to conclude a second closing of their Series A by early 2025.
