Major Investors from MENA, North America, and Europe Back Dubai-Based Platform
Dubai-based Web3 streaming platform, myco, has successfully raised $10 million in the first closing of its Series A funding round. The post-money valuation reaches $80M, and the platform has already exhibited its profitability and growth potential in the accelerated growth of the Web3 space.
PC: ZAWYA
Diverse Investors
There was strong participation from key leading venture investors based in the MENA, North America, and Europe during this funding round. It included participation from Daman Investments, Aptos Labs, B Digital, Mocha Ventures, Art3 Foundation, Ghaf Capital Partners, Mix Media Network, Factor6 Capital Partners, and Enjinstarter. Altogether, 88 accredited investors took part through Republic.com. That alone speaks to the level of interest drawn by myco’s new streaming model.
In this round, again, Daman Investments continued to act as a dual role of being the Advisory Partner and a Seed Investor, and Republic Crypto was onboard as a Web3 Advisor to advise on the growth strategy of the platform.
Financial Performance and Strategic Partnerships
Funding success comes after the first profitable year for myco, with EBITDA of $1 million on revenues of $7.5 million in the fiscal year 2023-2024. This performance highlights that myco can scale in significant markets, a trend that should now be set to continue with the new capital.
A recent announcement of a multi-million dollar partnership by Aptos Foundation, one of the leading blockchain partners, has given further impetus to the growth strategy of the platform. According to the deal, myco will re-launch its native utility token on the Aptos Blockchain in Q4 2024. The wallet infrastructure of the platform will be migrated to the Aptos Blockchain, too, for further value in decentralisation.
“We already have proven that we can scale in key markets with exceptional metrics in user growth, retention, revenue, and community building. We will replicate the same success and enter into markets which have similar demographics and strong regional partnerships with this new capital amount,” explained Umair Masoom, Founder and Managing Director of myco.
Content Portfolio Expansion and Global Reach
Having secured prized content rights for major sports, myco’s live streaming division now has the platform in a position to make sports broadcasting exclusive: cricket rights in Pakistan, cricket rights in North America through Willow TV, the World Squash Federation, Egypt Squash Federation, English Premier League broadcasting rights in Pakistan, Asian Hockey Championship, and Brave MMA. Additionally, it has found its way into e-sports with streaming rights for Counter-Strike 2, PUBG, and Valorant in the MENA region.
Looking ahead after its latest expansions into North America and Egypt, myco is eyeing other territories for further strategic growth. The company now has its eyes set on completing a second closing of the Series A funding by early 2025, using its existing partnerships and market presence to further accelerate expansion.
About ‘myco’
Founded with a vision of decentralisation, myco is a content streaming super-decentralized application, blending the power of AVOD and SVOD services in content streaming. With more than 13 million registered users and over 3 million monthly active users in 190 countries, myco provides a unique, Web3-based economic layer that allows and enables power to exist with both the viewers and the content creators, creating a community-driven ecosystem.
In the last 12 months alone, the app has generated more than 1 billion impressions, clocking upwards of 35 minutes of average engagement time by the user per day. It has also inked advertising deals with more than 100 top brands and content partnership arrangements with over 50 premium global content channels. myco’s diversified content slate takes in live sports, films, documentaries, influencer content, and user-generated content-offering in excess of 1 million videos on the platform.
Given its availability on the web, Apple Store, Google Playstore, and Huawei App Gallery, myco remains the world’s fastest growing Web3 streaming platform with ambitions to scale even further over the coming years.
