Dubai-based Web3 streaming platform Myco has raised $10 million in the first closing of its Series A funding round, pushing its post-money valuation to $80 million. This influx of capital will fuel Myco’s expansion plans and migration to blockchain technology, particularly its partnership with the Aptos Foundation to migrate the platform’s wallet infrastructure and re-launch its native utility token on the Aptos Blockchain by Q4 2024.
The funding round saw participation from prominent investors across the MENA region, North America, and Europe, including Daman Investments, Aptos Labs, and Mocha Ventures, with Republic Crypto advising on Myco’s growth strategy. This financial success follows Myco’s profitable year, having generated $7.5 million in revenue and achieving $1 million EBITDA in the 2023-2024 fiscal year.
Myco’s strategic content acquisition, including exclusive sports broadcasting rights in various regions, has been instrumental in its rapid growth. With over 13 million registered users globally, the platform plans to leverage this new capital to expand further into markets with similar demographics and strong regional partnerships.
As Myco continues its trajectory, the company aims to close the second round of Series A funding by early 2025, solidifying its position as a leader in the Web3 streaming space.
