UAE: Web3 streaming platform myco raises $10 million for its Series A funding

Last month, myco reported its first profitable year, with an EBITDA of $1 million and revenue of $7.5 million for the 2023-24 fiscal year

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Published: Tue 27 Aug 2024, 4:51 PM

Last updated: Tue 27 Aug 2024, 6:11 PM

The UAE-based Web3 streaming platform, myco, has raised $10 million (Dh36.7 million) from venture investors across Mena, North America and Europe as part of its Series A funding.

Key participants include Daman Investments, Aptos Labs, B Digital, Mocha Ventures, Art3 Foundation, Ghaf Capital Partners, Mix Media Network, Factor6 Capital Partners, and Enjinstarter, along with several prominent strategic angel investors. Around 88 accredited investors also participated in the round.

The capital was raised at a post-money valuation of $80 million, supported by Daman Investments as an advisory partner and seed investor, and Republic Crypto as a web3 advisor.

Last month, myco reported its first profitable year, with an EBITDA of $1 million and revenue of $7.5 million for the 2023-24 fiscal year.

Umair Masoom

Myco’s live streaming division has secured major rights until 2025, including ICC and PSL Cricket Rights for Pakistan, all major cricketing rights for North America via Willow TV, and rights for the World Squash Federation and Egypt Squash Federation.

English Premier League Rights for Pakistan and various sports rights like the Asian Hockey Championship and Brave MMA, along with leading e-sports streaming rights for games such as Counter-Strike 2, PUBG, and Valorant in the Mena region.

The platform is set to relaunch its native utility token on the Aptos Blockchain at the beginning of Q4 2024, along with the migration of its wallet infrastructure.

Following recent expansions into North America and Egypt, myco is identifying further strategic growth territories and aims to conclude a second closing on their Series A by early 2025.

“Myco has already demonstrated our ability to scale in key markets, achieving exceptional metrics in user growth, retention, revenue, and community building. With this new capital, we plan to replicate our success by expanding into markets with similar demographics and strong regional partnerships,” said Umair Masoom, founder and managing director of myco.

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