S’pore startup Mighty Jaxx raises US$10M in Tencent-led funding spherical

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Singapore-based Mighty Jaxx, a startup that designs and manufactures collectibles and lifestyle products, has raised $ 10 million ($ 13.57 million) in a funding round led by Tencent. Other investors are Korea Investment Partners and KB Investment.

This brings the total funding amount to approximately $ 14.8 million ($ 20.09 million).

Prior to this funding round, Mighty Jaxx had raised a total of $ 4.8 million ($ 6.51 million) in funding over three rounds, according to Crunchbase data.

In April 2020, it raised $ 3.2 million (SGD 4.5 million) for MightyVerse, its technology-enabled numbers platform. The round was led by one of South Korea’s largest banks, KB Financial Group, and also included participation from Greycroft Partners’ GC VR Gaming Tracker Fund gaming fund and recurring investor SGInnovate.

In July 2019, it raised $ 2.15 million in its pre-series A round. It was led by Singapore-based venture builder and startup growth platform Eight Mercatus, with a matching co-investment from SGInnovate.

Partnerships with global brands

Image source: Kaneda Toys

Since its inception in 2012, Mighty Jaxx has produced collectibles in partnerships with global brands such as Cartoon Network, Warner Brothers, DC Comics, Looney Tunes, and Sesame Street.

MightyVerse’s development was incubated when Mighty Jaxx participated in Ubisoft’s Entrepreneurs’ Lab last year. MightyVerse collectibles are capable of storing information and digital assets and enhancing the collecting experience.

Mighty Jaxx also recently entered the non-fungible token (NFT) space. NFTs are unique cryptographic tokens that exist on the Ethereum blockchain and cannot be replicated.

Each NFT has a unique identification code and metadata that is different from others, which is different from other currencies. However, since each NFT is unique, they cannot be traded or exchanged equally. Therefore, the digital tokens can be viewed as certificates of ownership for virtual or physical assets.

Anyone can “tokenize” their work to sell as an NFT. This April, in addition to the physical collectibles, Mighty Jaxx launched two NFTs: The Beauty of Rebellion by Abell Octovan and The Huntress’ Gaze.

In the context of Mighty Jaxx, our NFTs are digital collectibles, but in a different area.

The owners of our NFTs have full control over their digital, authenticated assets and can choose to trade or hold them, or to use their ability to take over these types of assets and move to a different type of digital environment and interact with it. This adds an extra layer to the value of the item and its property compared to being able to interact with a physical collectible only in the physical world.

Jackson Aw, founder of Mighty Jaxx in an interview with Asia Tatler

Since 2019, Mighty Jaxx has been integrating blockchain to authenticate the physical collectibles it produces.

Highlighted image source: Jackson Aw / Mint

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