Myco, a UAE-based Web3 streaming platform, raised $10 million from leading venture investors in MENA, North America, and Europe in its first Series A fundraising.
Daman Investments, Aptos Labs, B Digital, Mocha Ventures, Art3 Foundation, Ghaf Capital Partners, Mix Media Network, Factor6 Capital Partners, Enjinstarter, and other strategic angel investors are key participants.
Post-money value was $80 million, supported by Daman Investments as Advisory Partner and Seed Investor and Republic Crypto as Web3 Advisor.
Myco announced its first profitable year last month, bringing in $7.5 million in revenue and $1 million in EBITDA for the fiscal year 2023–2024.
Alongside this fundraising achievement, last week saw the significant news of a multi-million dollar agreement between myco and Aptos Foundation, its new blockchain partner.The platform plans to migrate its wallet infrastructure and relaunch its native utility token on the Aptos Blockchain at the start of Q4 2024.
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“myco has already demonstrated our ability to scale in key markets, achieving exceptional metrics in user growth, retention, revenue, and community building. With this new capital, we plan to replicate our success by expanding into markets with similar demographics and strong regional partnerships.” said Umair Masoom, Founder and Managing Director of myco.
Key rights, including those for Pakistan’s cricket in the ICC and PSL, all key cricket rights for North America through Willow TV, and rights for the World Squash Federation and Egypt Squash Federation, have been gained by myco’s live streaming business through 2025. Furthermore, myco retains
In addition to major e-sports streaming rights for games like Counter-Strike 2, PlayerUnknown’s Battlegrounds, and Valorant in the MENA region, Pakistan has rights to the English Premier League and a number of other sports, including the Asian Hockey Championship and Brave MMA.
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Myco is looking for further strategic growth areas after expanding into Egypt and North America recently. They hope to complete a second closing on their Series A by early 2025.
About Myco
Myco, a decentralized content streaming super dApp, effortlessly integrates AVOD and SVOD. With a web3 economic layer that empowers viewers and content owners, the platform has over 13 MN registered users and 3 MN+ monthly active users from over 190 countries.
