Dubai, United Arab Emirates – myco, a UAE-based Web3 streaming platform, has successfully completed the first closing of its Series A funding, raising $10M from prominent venture investors across MENA, North America and Europe. Key participants include Daman Investments, Aptos Labs, B Digital, Mocha Ventures, Art3 Foundation, Ghaf Capital Partners, Mix Media Network, Factor6 Capital Partners, Enjinstarter, as well as several notable strategic angel investors. 88 accredited investors also participated in the round through Republic.com.
The funding was backed by advisory partner and seed investor Daman Investments and Web3 advisor Republic Crypto at a post-money valuation of $80 million.
Last month, myco reported its first profitable year, with EBITDA of $1 million and revenue of $7.5 million for the 2023-24 financial year.
This funding milestone comes in tandem with the major announcement last week of a multi-million dollar partnership agreement between myco and its new blockchain partner, the Aptos Foundation. The platform plans to relaunch its native utility token on the Aptos blockchain in early Q4 2024, alongside a migration of its wallet infrastructure.
“myco has already demonstrated its ability to scale in key markets, achieving strong metrics in user growth, retention, revenue and community building. With this new funding, we plan to replicate our success by expanding into markets with similar demographics and strong local partnerships,” said Umair Masoom, founder and managing director at myco.
Maico’s live streaming division has secured key rights through to 2025, including ICC and PSL cricket rights in Pakistan, all major cricket rights in North America via Willow TV, as well as rights for the World Squash Federation and the Egyptian Squash Federation.
It holds the broadcasting rights for the English Premier League in Pakistan, various sports including the Asian Hockey Championships and Brave MMA, as well as leading esports streaming rights for games such as Counter-Strike 2, PUBG and Valorant in the MENA region.
Following its recent expansion into North America and Egypt, myco aims to identify further strategic growth regions and complete a second closing of Series A by early 2025.
About Myco
myco is a content streaming super dApp, seamlessly integrating AVOD and SVOD capabilities within a decentralized environment. The platform has over 13M registered users and over 3M monthly active users from over 190 countries, and its unique Web3 economic layer is driven by a vision to provide true empowerment and ownership to both viewers and content owners. Today, myco is the fastest growing Web3 streaming platform in the world with a vertically integrated and diverse content slate ranging from live sports, movies, documentaries to influencer and UGC content, and over 1M videos on the platform. The myco platform is available on the web, Apple Store, Google Playstore and Huawei App Gallery, and has delivered over 1B impressions in the last 12 months with an astounding average engagement time of 35 minutes. It also has advertising partnerships with over 100 top brands as well as content partnerships with over 50 premium global content channels.