Mighty Jaxx Raise $34.8M To Bring Their IP Licensing Skills To Web3

Mighty Jaxx, an award-winning future culture company that designs and produces phygital collectibles, raised $34.8M as they plan to expand and strengthen their operational, Web3, and metaverse capabilities. The company’s current valuation is now over $200 million!

The East Ventures (Growth Fund) led their Series A+ funding round. Mirana Ventures – the venture partner of Bybit and BitDAO, is also one of Mighty Jaxx’s strategic investors. Easternwind International, Pan Solar Ventures, Teja Ventures, Greycroft are also part of the round. Major investors including KB Investment and Korea Investment Partners still participate and contribute towards the vision and growth of Mighty Jaxx.

Mighty Jaxx CEO Aims for Richer Digital Future Culture

Jackson Aw, Founder and Chief Executive Officer at Mighty Jaxx, said, “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 an even richer and more enjoyable future culture.”

“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.”

Phygital Collectibles on the Web3 and Metaverse

The funding will also allow Mighty Jaxx to strengthen its ability to develop interactive and immersive phygital collectibles and content. The company wants to position itself at the forefront of the creator economy and the metaverse future. They will also develop its extended reality and Web3 capabilities. Together with Mirana Ventures, they aim to bridge phygital collectibles and digital experiences.

Mighty Jaxx Eyes Southeast Asia for Expansion

In 2019 alone, Southeast Asia generated game revenues of $4.4 billion. In a report, 82% of Southeast Asia’s urban online population are gamers. Mighty Jaxx will bring them new interactive experiences that transcend the physical and digital divide.

The company will leverage East Ventures’ expertise in Southeast Asia to further expand its presence in the region. They will create immersive phygital experiences that combine physical products with digital spaces.

Willson Cuaca, Co-Founder and Managing Partner at East Ventures, said, “What Jackson and his team are doing at Mighty Jaxx will truly reimagine the idea of physical-digital interaction. We are already seeing brands and fandoms embrace Web3 and construct their own metaverses. With Mighty Jaxx’s creativity and inventive approach, the future is theirs.”

More Companies Going to Web3?

With regards to enhancing its operational capabilities, Mighty Jaxx’s will significantly increase the size of its global workforce. They said they will be adding more people in the areas of tech, creativity, and licensing over the next 18 months. This means more opportunities for those who want to work in the blockchain industry. Who knows, maybe we’ll be seeing more Metaverse and Web3-related skills required in job openings soon.

In case you missed it, KnownOrigin NFT Marketplace also secured £3.5M in funding.