The Web3 streaming platform, myco, has successfully completed the first closing of its $10 million Series A funding round. The funding attracted venture investors from North America, MENA, and Europe, demonstrating strong interest in the UAE-based company’s innovative approach to streaming.
Key investors in this round included Daman Investments, B Digital, Aptos Labs, Art3 Foundation, Mocha Ventures, Ghaf Capital Partners, Enjinstarter, Factor6 Capital Partners, and Mix Media Network, along with other strategic angel investors. The round also saw the involvement of 88 accredited investors via the Republic.com platform.
The funding round valued myco at a post-money valuation of $80 million. Daman Investments served as an advisory partner and seed investor, while Republic Crypto provided Web3 advisory services.
“myco has already shown our capacity to scale in key markets, achieving outstanding user growth, retention, revenue, and community building metrics. With this new capital, we aim to replicate our success by expanding into markets with similar demographics and strong regional partnerships,” stated Umair Masoom, Founder and Managing Director of myco.
This funding milestone follows a significant announcement last week of a multi-million dollar partnership 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, alongside 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 through Willow TV, and rights for the World Squash Federation and Egypt Squash Federation. The company also holds English Premier League Rights for Pakistan and various sports rights, including the Asian Hockey Championship and Brave MMA. Additionally, myco has acquired 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 exploring additional strategic growth areas and aims to conclude a second closing of their Series A by early 2025.
