Last Updated on August 31, 2024 by Nisar
Financial Benchmark for Myco
Myco, a Web3 streaming platform situated in the United Arab Emirates, has successfully closed its Series A fundraising round with $10 million raised. Leading venture capital firms from the Middle East, North America, and Europe have confirmed their support for the investment, which was announced on Tuesday. Among the well-known investors are Mix Media Network, Factor6 Capital Partners, Aptos Labs, Daman Investments, B Digital, Mocha Ventures, Art3 Foundation, and Enjinstarter.
Participation and Valuation of Investors
Along with a number of strategic angel investors, 88 accredited investors participated in the investment round through Republic.com. With this cash infusion, Myco is now valued at $80 million post-money.
Exceptional Financial Results
This additional funding comes after Myco declared its first profitable year for the fiscal year 2023–2024, with $1 million in EBITDA and $7.5 million in revenue. The company’s ability to grow and expand in the future is demonstrated by its financial success.
Strategies for Growing the Market
The founder and managing director of Myco, Umair Masoom, emphasised the company’s outstanding performance indicators in terms of user acquisition, retention, income, and community involvement. With the additional funding, Myco hopes to forge solid regional alliances and expand into other markets with populations that are similar to its own.
Strategic Alliance with the Foundation Aptos
Myco announced a major collaboration with the Aptos Foundation last week. The company will relaunch its native utility token on the Aptos Blockchain at the beginning of Q4 2024 as part of this agreement. Its wallet infrastructure will be migrated as part of this change to conform to the latest blockchain technology.
Rights to Broadcast and Media Expansion
With rights to major events like the World Squash Federation and Egypt Squash Federation, as well as comprehensive cricketing rights for North America via Willow TV and the ICC and Pakistan Super League cricket rights for Pakistan, Myco’s live streaming division has secured extensive broadcasting rights through 2025. The platform also owns the rights to the Asian Hockey Championship and other sports, including the English Premier League for Pakistan.
