S’pore startup Mighty Jaxx raises $ 10 million in a round of Tencent-led financing – Health Guild News


From Singapore Mighty Jaxx, a startup that designs and manufactures collectibles and lifestyle products raised US $ 10 million (S $ 13.57 million) in a round of financing led by Tencent. Other investors are Korea Investment Partners and KB Investment.

This brings its total funding to about US $ 14.8 million (US $ 20.09 million).

Prior to this round of funding, Mighty Jaxx had raised a total of US $ 4.8 million (US $ 6.51 million) in three rounds, according to Crunchbase data.

In April 2020, raised $ 3.2 million (US $ 4.5 million) in funding for MightyVerse, its platform for technology figures. The round was led by KB Financial Group, one of South Korea’s largest banks, and also included the participation of Greycroft Partners ’GC VR Gaming Tracker Fund and the returned investor. SGInnovate.

In July 2019, he did raised $ 2.15 million in its previous series A. It was led by Singapore business builder and business growth platform Eight Mercatus, with a coincident co-investment from SGInnovate.

Partnerships with global brands

Image credit: Kaneda Toys

From his foundation in 2012, Mighty Jaxx has produced collectibles in collaboration with global brands such as Cartoon Network, Warner Brothers, DC Comics, Looney Tunes and Sesame Street, among others.

The development of MightyVerse was incubated when Mighty Jaxx participated last year in the Ubisoft Business Lab. MightyVerse collectibles are capable of storing information and digital resources, which combine the gathering experience.

Mighty Jaxx has also recently entered the non-fungible chip space (NFT). NFT are unique cryptographic tokens that exist in the Ethereum blockchain that cannot be replicated.

Each NFT has a unique identification code and metadata that are distinguished from each other, which differ from other forms of currency. However, because each NFT is unique, they cannot be changed or changed to equivalence. Therefore, digital tokens can be considered to be certificates of ownership of virtual or physical assets.

Anyone can “symbolize” their work to sell it as NFT. This April, Mighty Jaxx released two NFTs: The Beauty of the Rebellion by Abell Octovan and The Huntress’ Gaze, alongside the physical collectibles.

In the context of Mighty Jaxx, our NFTs are digital collectibles, but in a different realm.

Owners of our NFTs have total control over their authenticated digital assets and can choose whether they want to change or maintain them or whether they want to use their ability to take that type of asset and go to another type of asset. digital environment. and interact with it. This adds an extra layer to the value of the item and its property compared to being able to interact only with a physical collectible only in the physical world.

Jackson Aw, founder of Mighty Jaxx in an interview with Asia Tatler

Since 2019, Mighty Jaxx incorporates blockchain to authenticate the physical collectibles it produces.

Featured Image Credit: Jackson Aw / Mint

Source link