Homegrown toy collectibles startup Mighty Jaxx announced today (March 7) that they have raised US$20 million in their Series A+ funding. This brings its total funding to US$34.8 million, pushing its valuation to over US$200 million.
The funding round was led by East Ventures, a venture capital firm based in Jakarta, Indonesia known for investing in tech startups such as Tokopedia, and includes new investors Mirana Ventures, Easternwind International, Pan Solar Ventures and Teja Ventures.
Mighty Jaxx expects to tap on East Ventures’ expertise in Southeast Asia to further expand and sharpen Mighty Jaxx’s immersive phygital experiences that integrate physical products with digital spaces and elements.
The funding will also allow Mighty Jaxx to further deepen the expertise of its proprietary platform for tech-enabled collectibles, strengthening its ability to develop immersive and interactive phygital collectibles and content.
As it positions itself at the forefront of the creator economy and the metaverse future, Mighty Jaxx will also be developing its extended reality and Web3 capabilities to bridge phygital collectibles and online, digital experiences.
“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,” said Jackson Aw, founder and CEO of Mighty Jaxx.
Expanding in SEA and its talent pool
Founded in 2012, the company started out as a solo business that produced and delivered collectable toys, and grew to collaborate with huge brands such as F1, Warner Brothers, Hasbro, and Toei Animation.
Since then, the company has also moved into producing tech-enabled collectibles and NFTs.
In addition, Mighty Jaxx is also planning to significantly expand its global workforce in the areas of tech, creative and licensing over the next 18 months.
The company already has offices in London and Los Angeles, and is entrenched in Singapore and China. They will prioritise adding key executive roles to scale in the US and Europe, and expanding their presence in Southeast Asia and China.
“The creator market will be increasingly democratised, and we expect more unique collectibles and experiences to hit the market. By tapping on our synergies with the investors and building up our digital offerings, Mighty Jaxx will be able support creators in leveraging growing interest in virtual ecosystems to offer immersive experiences, bolstered by continually updated and refreshed digital content. The future of experiences will be phygital and enabled through the creator economy,” added Aw.
Shop and support the best homegrown brands on VP Label now:
Featured Image Credit: Vulcan Post
