UAE-based Myco Secures $10M in Series A Funding

by | Aug 28, 2024 | Startups News | 0 comments

Myco, the UAE-based Web3 streaming platform, has raised $10 million in the first closing of its Series A funding round. Announced on Tuesday, this milestone highlights strong global interest in Myco’s streaming solutions. The funding attracted prominent venture capital firms from the Middle East, North America, and Europe, reflecting confidence in the company’s vision.

Key Investors and Valuation

The Series A round included influential investors such as 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 through Republic.com and several strategic angel investors contributed. As a result, Myco’s post-money valuation has reached $80 million.

Strong Financial Performance

This milestone follows Myco’s first profitable year, with an EBITDA of $1 million and revenues of $7.5 million for the 2023-24 fiscal year. Founder Umair Masoom stated, “Myco has shown our ability to scale in key markets, achieving exceptional metrics in user growth, retention, revenue, and community building.”

Expansion Plans and Partnerships

The new capital will help Myco expand into additional markets with similar demographics. This expansion will be supported by regional partnerships. Recently, Myco announced a significant partnership with the Aptos Foundation. As part of this collaboration, the company plans to relaunch its utility token on the Aptos Blockchain in Q4 2024 and migrate its wallet infrastructure.

Major Broadcasting Rights

Myco’s live streaming division has secured major broadcasting rights through 2025. These include:

  • Cricket: ICC and Pakistan Super League for Pakistan, Willow TV for North America, World Squash Federation, and Egypt Squash Federation.
  • Football: English Premier League rights for Pakistan.
  • Other Sports: Asian Hockey Championship and Brave MMA.

In esports, Myco holds rights for games such as Counter-Strike 2, PUBG, and Valorant across the MENA region.

Future Growth and Expansion

Following recent expansions into North America and Egypt, Myco is exploring new growth territories. The company aims to complete a second closing of its Series A funding by early 2025, further solidifying its global position. For more updates on startups and innovations, stay tuned to our blog and visit Myco’s website

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