UAE Web3 Streaming Platform Myco Raises $10 Million In Series A Funding Round

UAE-based Web3 streaming platform, myco, has successfully completed the first closing of its Series A funding round, securing $10 million from notable venture investors across MENA, North America, and Europe. Key participants in this round include Daman Investments, Aptos Labs, B Digital, Mocha Ventures, Art3 Foundation, Ghaf Capital Partners, Mix Media Network, Factor6 Capital Partners, and Enjinstarter. Additionally, 88 accredited investors participated through Republic.com.

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. This financial success underscores the platform's growth and potential in the streaming industry.

Strategic Partnerships and Future Plans

The recent funding milestone coincides with a significant partnership announcement between myco and Aptos Foundation. The multi-million dollar deal will see myco relaunch its native utility token on the Aptos Blockchain at the beginning of Q4 2024. Additionally, myco plans to migrate its wallet infrastructure as part of this collaboration.

myco's live streaming division has secured major rights until 2025. These include ICC and PSL Cricket Rights for Pakistan and all major cricketing rights for North America via Willow TV. The platform also holds rights for the World Squash Federation and Egypt Squash Federation.

Expanding Market Presence

Following recent expansions into North America and Egypt, myco is identifying further strategic growth territories. The company aims to conclude a second closing on their Series A by early 2025 to support these expansion efforts.

"myco has already demonstrated our ability to scale in key markets," said Umair Masoom, Founder and Managing Director of myco. "With this new capital, we plan to replicate our success by expanding into markets with similar demographics and strong regional partnerships."

In addition to cricket rights, myco holds English Premier League Rights for Pakistan and various sports rights like the Asian Hockey Championship and Brave MMA. The platform also streams leading e-sports games such as Counter-Strike 2, PUBG, and Valorant in the MENA region.

The capital was raised at a post-money valuation of $80 million. Daman Investments served as an Advisory Partner and Seed Investor while Republic Crypto acted as a Web3 Advisor.

This funding round marks a significant step for myco as it continues to grow its presence in the Web3 streaming space. The company’s strategic partnerships and market expansions are expected to drive further growth in user engagement and revenue.