Mighty Jaxx has clinched an investment of S$2.15 millon, and will use the funds for expansion and building its blockchain-powered platform.

Published 2019-07-02 13:01:08

Mighty Jaxx International Pte Ltd announced today that it has clinched a Pre-Series A investment round of S$2.15 millon.

The round was led by Singapore venture builder and startup growth platform Eight Mercatus with a matching co-investment from SGInnovate, a Singapore Government-owned firm that invests in, builds and scales deep tech startups.

Mighty Jaxx was founded by Singaporean Jackson Aw on a loan of S$20,000, and has grown to become a multimillion-dollar, award-winning urban culture company.

It has also shipped “millions of products to over 50 countries” so far.

The investment will be used to fund the company’s continued global expansion and further development of its proprietary blockchain-powered platform.

Mighty Jaxx will be leveraging on the GovTech OpenCert platform in the building of this platform, effectively allowing the company to issue and validate tamper-resistant and permanent certificates to every collectible.

Along this line, Mighty Jaxx is also a part of the first batch of startups participating in Tribe Accelerator, the first blockchain accelerator in Singapore supported by Enterprise Singapore.

Said Hsien-Hui Tong, Head of Venture Investing, SGInnovate on the investment: “Through the use of blockchain and machine learning, Mighty Jaxx’s digitally-authenticated collectibles platform enables them to increase and enhance engagement with creators and collectors.”

Added Joanna Soh, Managing Director at Eight Mercatus: “We are excited to be working together to solidify and grow a global market leader out of Singapore, and Mighty Jaxx is a great example of a founder-led, innovative business that we like to invest in.”

Soh will also join Mighty Jaxx’s board of directors to provide support for the company.

Said Jackson Aw, Founder and CEO of Mighty Jaxx on the funding: “As an industry we are only just scratching the surface of how powerful harnessing technology can be when combined with the massive scale & transactions offered by our global fanbase to scale our growth fast. Having the support, strategic experience, perspective and relationships of leading investors like Eight Mercatus and SGInnovate onboard will help us execute our vision with better precision and speed.”

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