– Myco, a UAE-based Web3 streaming platform, raised USD 10 million in the first closing of its Series A round, boosting its valuation to $80 million with investments from top global venture firms and 88 accredited investors.

– Following its first profitable year, Myco plans to use the new capital to expand into markets with similar demographics and strong regional partnerships, while also preparing to relaunch its utility token on the Aptos Blockchain in Q4 2024.

– Myco has secured significant broadcasting and streaming rights through 2025, including ICC and Pakistan Super League cricket rights, English Premier League rights for Pakistan, and esports streaming rights across the MENA region.

Myco, a UAE-based Web3 streaming platform, has secured $10 million in the initial closing of its Series A funding round, attracting investments from leading venture capital firms across the Middle East, North America, and Europe.

Key investors include Daman Investments, Aptos Labs, B Digital, Mocha Ventures, Art3 Foundation, Ghaf Capital Partners, Mix Media Network, Factor6 Capital Partners, and Enjinstarter. Additionally, 88 accredited investors from Republic.com and several strategic angel investors participated, bringing Myco’s post-money valuation to $80 million.

This funding follows Myco’s first profitable year, with an EBITDA of $1 million and revenues reaching $7.5 million for the 2023-24 fiscal year.

Founder and MD Umair Masoom highlighted Myco’s ability to scale effectively, achieving strong metrics in user growth, retention, revenue, and community building. “Myco has already demonstrated our ability to scale in key markets, achieving exceptional metrics in user growth, retention, revenue, and community building,” said Masoom.

“With this new capital, we plan to replicate our success by expanding into markets with similar demographics and strong regional partnerships,” he added.

Myco also announced a multi-million dollar partnership with Aptos Foundation, planning to relaunch its native utility token on the Aptos Blockchain in Q4 2024, alongside a wallet infrastructure migration.

The company’s live streaming division has secured major broadcasting rights through 2025, including ICC and Pakistan Super League cricket rights for Pakistan, as well as cricket rights for North America via Willow TV. They also hold rights for the World Squash Federation, Egypt Squash Federation, English Premier League for Pakistan, Asian Hockey Championship, and Brave MMA. In esports, Myco has streaming rights for games like Counter-Strike 2, PUBG, and Valorant across the MENA region.

After recent expansions into North America and Egypt, Myco is exploring additional growth opportunities and aims to complete a second closing of its Series A funding by early 2025.