Singapore Mighty Jacks, a startup that designs and manufactures collectibles and lifestyle products Raised $10 Million (S$13.57 million) in a funding round led by Tencent. Other investors include Korea Investment Partners and KB Investment.
This brings its total funding to approximately US$14.8 million (S$20.09 million).
Prior to this round of funding, Mighty Jaxx had raised a total of US$4.8 million (S$6.51 million) in three rounds of funding, according to Crunchbase data.
In April 2020, it was done Raised $3.2 Million (S$4.5 million) to fund its MightyVerse program for tech-enabled numbers. The round was led by KB Financial Group, one of South Korea’s largest banks, and also included participation from Greycroft Partners’ GC VR Gaming Tracker Fund and return investor. SGInnovate.
In July 2019, done Raised 2.15 million Singapore dollars In the pre-Series A tour. Led by Singaporean venture builder and startup growth platform Eight Mercatus, with matching co-investment from SGInnovate.
Partnerships with global brands
since Founded in 2012Mighty Jaxx has produced collectibles under partnerships with global brands such as Cartoon Network, Warner Brothers, DC Comics, Looney Tunes, Sesame Street, and others.
MightyVerse development was incubated when Mighty Jaxx participated in Ubisoft’s Entrepreneur Lab last year. MightyVerse Holdings is capable of storing digital information and assets, and manipulating the collecting experience.
Mighty Jaxx has also recently entered the non-fungible tokens (NFTs) space. NFTs They are unique crypto tokens that reside on the Ethereum blockchain and cannot be duplicated.
Each NFT has a unique identification code and metadata that distinguishes one from the other, which is different from other forms of currency. However, since each NFT is unique, it cannot be traded or exchanged equally. Therefore, digital tokens can be considered as certificates of ownership of virtual or physical assets.
Anyone can “code” their work to sell it as an NFT. In April of this year, Mighty Jaxx launched two NFTs: The Beauty of Rebellion by Abell Octovan and The Huntress’ Gaze, along with physical collectibles.
In the context of Mighty Jaxx, our NFTs are digital collectibles, but in a different world.
Owners of NFTs have complete control over their validated digital assets and can choose whether they want to trade or hold them, or whether they want to take advantage of their ability to take that type of asset and move to and interact with another type of digital environment. This adds an extra layer to the item’s value and ownership compared to being able to interact with only physical possessions in the physical world.
Jackson O, founder of Mighty Jaxx in an interview with Asia Tatler
Since 2019, Mighty Jaxx has integrated the blockchain to authenticate the physical holdings it produces.
Featured photo credit: Jackson Aw / Mint