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 Nickelodeon, Cartoon Network, Warner Brothers, DC Comics, Looney Tunes, and Sesame Street, among others.
Mighty Jaxx has previously released 'dissected' XXray vinyl figures designed by Jason Freeny inspired by Nickelodeon's Rugrats, SpongeBob and CatDog.
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.
From DealStreetAsia:
Singapore’s Mighty Jaxx bags $3m funding led by KB Investment
Singapore-based platform for designer toys and collectibles Mighty Jaxx International has raised a funding of S$4.5 million ($3 million) led by South Korea’s KB Investment to conclude its pre-Series A funding round closed at a total amount of S$7 million.
The new tranche of funding was also joined by existing investor SGInnovate, as well as LA based VC Greycroft Partners, through the GC VR Gaming Tracker Fund, an investment fund dedicated to supporting companies across the virtual reality, augmented reality, video game and e-sport sectors.
The latest capital infusion comes a year after the initial investment of s$2.15 million, which was led by Eight Mercatus, a home-grown venture builder and startup growth platform. The funding was used to develop the first iteration of its patent-pending tech platform, MightyVerse, blending the physical and digital worlds.
The fresh injection of funds from KBI and Greycroft will help Mighty Jaxx further develop MightyVerse, Mighty Jaxx’s proprietary technology platform.
The financing equips the company with additional firepower as it ramps up its production for the second half of 2020 with the onboarding of heavyweight entertainment companies, Hasbro and ViacomCBS’s Nickelodeon (“Nickelodeon”), on new global licensing deals to produce collectibles from Hasbro and Nickelodeon’s umbrella of globally recognisable properties including Transformers and Spongebob Squarepants.
Founded in 2012, Mighty Jaxx is an urban culture company that designs and manufactures collectibles and lifestyle products in partnership with the greatest talents in the world as well as global brands such as Hasbro, Cartoon Network, Nickelodeon, Warner Brothers, DC Comics, Looney Tunes, Sesame Street, and more.
Since starting out in 2012, Mighty Jaxx claims to have shipped millions of products to collectors in over 60 countries worldwide. Over the past year, it has been vocal about its intentions to diversify its customer offerings and evolve together with the needs of its target audience.
“As a D2C company, we believe our collectors’ experience will not be complete if we do not bridge the phygital gap, and we hope to put ourselves in an ideal position to significantly scale the business by fusing technology with our unique design concepts,” said Mighty Jaxx founder and CEO Jackson Aw.
Commenting on its investment, KBI Principal Steven Hong said: “The past few years have seen huge growth in pop culture collectibles and Mighty Jaxx’s ability to consolidate global brands, artists and IPs across digital and physical products into multiple markets is unprecedented and has positioned them to be a global leader.”
KB Investment is a subsidiary of South Korean financial giant KB Holding. The firm has been investing in around 5 Southeast Asian companies a year since 2013, the fund will strengthen its foothold in the region.
Last year, it formed a joint venture fund with MDI Ventures, the corporate venture arm of the country’s largest telco operator Telkom Indonesia.
KB Holdings counts as one of the largest financial groups in Korea, claiming $400 billion AUM. The group presides over numerous subsidiaries and assets including KB Kookmin Bank, KB Kookmin Card, KB Investment & Securities, and KB Life Insurance.
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From Tech in Asia:
Collectibles startup Mighty Jaxx scores additional $3.2m in pre-series A round
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.
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.
###
From TechCrunch:
Mighty Jaxx raises $3.2M for MightyVerse, its platform for tech-enabled collectible figures
Mighty Jaxx, which makes licensed collectibles, has raised 4.5 million Singapore dollars (about $3.2 million) in funding for MightyVerse, its platform for tech-enabled figures. Led by the investment arm of KB Financial Group, one of South Korea’s largest banks, the round also included participation from Greycroft Partners’ gaming fund GC VR Gaming Tracker Fund and returning investor SG Innovate.
This brings Mighty Jaxx’s total pre-Series A funding to about $4.7 million, with part of the new capital also earmarked to develop products from its new licensing deals with Hasbro and Nickelodeon.
Founded in 2012, Mighty Jaxx’s other licensing deals including partnerships with Cartoon Network, Warner Brothers, DC Comics, Looney Tunes and Sesame Street. It raised its first round of funding last July to develop MightyVerse. Products integrated with the platform have already launched, and Mighty Jaxx’s goal is to ship five million units this year, with its next big release, a collaboration with Toei Animation’s popular anime “One Piece,” to take place within the next two months.
The development of MightyVerse was incubated when Mighty Jaxx took part in Ubisoft’s Entrepreneurs’ Lab last year. Jackson Aw, founder and CEO of Mighty Jaxx, told TechCrunch that MightyVerse’s technology will help authenticate collectible figures, which can go for huge prices on the secondary market, by integrating technology during the manufacturing stage. The platform will also eventually include a social network for collectors.
MightyVerse collectibles are able to store information and digital assets, gamifying the collecting experience, Aw added. For example, when collectors buy a figure, “they will be able to unlock digital rewards hidden throughout the game, allowing us to create an incredibly immersive game experience in both the digital and physical worlds through the MightyVerse.”
Aw said the COVID-19 pandemic impacted Mighty Jaxx’s manufacturing and logistics, especially when factories closed in China, but partnerships with factories in other countries and companies like DHL have helped mitigate the impact, allowing its operations to return to “a level for optimum efficiency.”
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From License India:
Singapore's Mighty Jaxx bags investment from global VC firms, secures new global licensing deals
With a fresh injection of funds, Mighty Jaxx will channel the investment towards the further development of MightyVerse, Mighty Jaxx's proprietary technology platform.
Mighty Jaxx International, an award-winning urban culture company that designs and manufactures collectibles and lifestyle products in partnership with global brands announced that it has bagged another $4.5 million in new financing to conclude its pre-Series A funding round, raising a total of $6.65 million to date as it looks to continue scaling its business.
KB Investment Co, one of South Korea’s leading venture capital firm and the investment arm of KB Financial Group, South Korea’s largest bank, led this new financing round and was joined by LA-based VC Greycroft Partners, through the GC VR Gaming Tracker Fund, an investment fund that is dedicated to supporting companies across the virtual reality, augmented reality, video game, and e-sport sectors. Existing investor SGInnovate also participated in the new round.
With a fresh injection of funds from KBI and Greycroft, Mighty Jaxx will channel the investment towards the further development of MightyVerse, Mighty Jaxx’s proprietary technology platform.
The funds will also come in handy as Mighty Jaxx ramps up its production for the second half of 2020 as it onboards heavyweight entertainment companies, Hasbro and ViacomCBS’s Nickelodeon, on new global licensing deals.
Developing tech-enabled collectibles for the future consumer
Since starting out in 2012, Mighty Jaxx has shipped millions of products to collectors in over 60 countries worldwide to a loyal and passionate collector base but has over the past year been vocal about its intentions to diversify its customer offerings and evolve together with the needs of its target audience.
Mighty Jaxx embarked on this journey of technological discovery when it raised its first tranche of funding in July 2019 to develop the first iteration of its patent-pending tech platform, MightyVerse, blending the physical and digital worlds.
Singapore’s Mighty Jaxx bags investment from global VC firms, secures new global licensing deals
The tech-enabled collectibles have been rolled out in phases since the start of the year, with the target of shipping 5 million units this year.
Steven Hong, Principal at KBI, said, “The past few years have seen a huge growth in pop culture collectibles and Mighty Jaxx’s ability to consolidate global brands, artists and IPs across digital and physical products into multiple markets is unprecedented and has positioned them to be a global leader. We’ve never imagined that a small bedroom startup in Singapore would grow to become a company shipping millions of products to over 60 countries worldwide annually. We are incredibly impressed with Mighty Jaxx’s approach to innovation, their leadership team and share their creative vision”
In line with its vision of a tech-enabled future, Mighty Jaxx was also selected in October 2019 as one of only three Asian startups to participate in gaming giant Ubisoft’s Entrepreneurs’ Lab.
Participation in the Ubisoft programme has served as the perfect platform and incubator for Mighty Jaxx to begin developing innovative solutions for the gaming and entertainment sectors, and their early work caught the eye of GC VR Gaming Tracker Fund’s Jon Goldman, Board Partner of Greycroft Partners and concurrently Managing Partner of Skybound, creators of The Walking Dead.
Joe Yuan, Investor at the GC Tracker Fund, stated, “We’re fired up to partner with Jackson and his team to transform a classic offline experience into an online phenomenon. We love that Mighty Jaxx is aiming to reinvent collectibles.”
Global partnership deals
Since its founding in 2012, Mighty Jaxx has designed and manufactured collectibles and lifestyle products in partnership with global brands such as Cartoon Network, Warner Brothers, DC Comics, Looney Tunes, Sesame Street and more.
In the last 3 months, the Mighty Jaxx team successfully secured new global licensing deals to produce collectibles from Hasbro and Nickelodeon’s umbrella of globally recognisable properties including Transformers and Spongebob Squarepants.
Singapore’s Mighty Jaxx bags investment from global VC firms, secures new global licensing deals
These additions to Mighty Jaxx’s portfolio are a solid indication of the popularity of these franchises with collectors and the general public alike, and the trust in Mighty Jaxx’s global strategy. Details of each brand specific products and accompanying launches will be announced on Mighty Jaxx’s website and owned media platforms in due time.
Jackson Aw, Founder and CEO of Mighty Jaxx, said, “We are delighted to secure the backing of KBI and Greycroft. Their experience from both sides of the world will keep us on the right track and amplify our work as we continue to develop innovative solutions that redefine the way collectors consume content and view entertainment. As a D2C company, we believe our collectors’ experience will not be complete if we do not bridge the phygital gap, and we hope to put ourselves in an ideal position to significantly scale the business by fusing technology with our unique design concepts.”
“We are also very excited to have secured global licensing deals with key partners Hasbro and Nickelodeon, as they are a natural fit for our unique integrated vision of developing products from pop culture, gaming, and entertainment,” Jackson added.
Nurturing the next generation of creatives
A creative at heart, Jackson has always been passionate about building a community of changemakers, and through a jointly developed scholarship program with Singapore’s Nanyang Polytechnic beginning in 2020, Mighty Jaxx will help nurture innovation and co-creation with the next generation of creatives.
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