Singapore’s Mighty Jaxx, a startup that designs and manufactures collectibles and lifestyle products, said it has raised an additional S$4.5 million (US$3.2 million) to round out its pre-series A round.
Photo credit: Mighty Jaxx
The investment, which was led by Korea’s KB Investment, pushes the company’s total capital raised to over S$6.6 million (US$4.7 million), according to a statement. Participating investors include existing backer SGInnovate and US-based VC Greycroft Partners through the GC VR Gaming Tracker Fund, which is focused on VR, augmented reality, video games, and e-sports.
Mighty Jaxx plans to funnel the new funds into the development of its proprietary technology platform called MightyVerse, which it first started to build after securing its first tranche of funding last year.
With the platform, Mighty Jaxx aims to leverage Singapore’s GovTech OpenCert program to allow it to issue permanent and tamper-resistant certificates to each of its collectibles. The tech-enabled collectibles have been rolled out in phases since the start of the year, said the startup. It’s targeting to ship out 5 million units for 2020.
The company will also use part of the funds to ramp up production for the second half of the year, as it recently onboarded entertainment giants Hasbro and Nickelodeon on new global licensing deals.
Since its launch in 2012, Mighty Jaxx has produced collectibles under partnerships with global brands such as Cartoon Network, Warner Brothers, DC Comics, Looney Tunes, and Sesame Street, among others.
In July 2019, it raised nearly US$1.6 million in the first close of its pre-series A round. It was led by local startup growth platform Eight Mercatus, with SGInnovate following on.
Original article: Techinasia
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