Funding Rounds

UAE’s Myco Secures $10 Million in Series-A Funding

UAE-based Web3 streaming platform, myco, has successfully closed its Series A funding round, securing $10 million from leading venture capital investors across the Middle East, North Africa, North America, and Europe.

The funding round saw participation from notable investors, including Daman Investments, Aptos Labs, B Digital, Mocha Ventures, Art3 Foundation, Ghaf Capital Partners, Mix Media Network, Factor6 Capital Partners, and Enjinstarter, along with several strategic angel investors. Additionally, 88 accredited investors joined the round via Republic.com, according to a recent press release.

The funds were raised at a post-money valuation of $80 million, with Daman Investments acting as an Advisory Partner and Seed Investor, and Republic Crypto serving as a Web3 Advisor.

Last month, myco announced its first profitable year, reporting an EBITDA of $1 million and revenues of $7.5 million for the 2023-24 fiscal year.

In addition to this funding achievement, myco recently announced a significant multi-million dollar partnership with its new blockchain partner, Aptos Foundation. The platform plans to relaunch its native utility token on the Aptos Blockchain in Q4 2024, alongside the migration of its wallet infrastructure.

Umair Masoom, Founder and Managing Director of myco, remarked: “myco has proven its ability to scale in key markets, achieving outstanding metrics in user growth, retention, revenue, and community building. With this new capital, we aim to replicate our success by expanding into markets with similar demographics and strong regional partnerships.”

Following its recent expansions into North America and Egypt, myco is exploring additional strategic growth opportunities and plans to complete a second closing of their Series A funding by early 2025.

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