UAE’s Myco raises $10m; plans expansion, blockchain migration

Myco, the UAE-based Web3 streaming platform, has raised $10m in the first closing of its Series A funding round, attracting investment from prominent venture capital firms across the Middle East, North America, and Europe, the company said on Tuesday.

Key investors in the round include Daman Investments, Aptos Labs, B Digital, Mocha Ventures, Art3 Foundation, Ghaf Capital Partners, Mix Media Network, Factor6 Capital Partners and Enjinstarter.

The funding also saw participation from 88 accredited investors through Republic.com and several strategic angel investors, bringing Myco’s post-money valuation to $80m.

The latest funding comes on the heels of Myco reporting its first profitable year, with an EBITDA (earnings before interest, taxes, depreciation, and amortisation) of $1m and revenues reaching $7.5m for the 2023-24 fiscal year.

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

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

Myco clinches key partnership

The company also announced a multi-million dollar partnership with Aptos Foundation last week.

As part of this collaboration, Myco plans to relaunch its native utility token on the Aptos Blockchain at the beginning of  Q4 2024 and migrate its wallet infrastructure accordingly.

The company’s live streaming division has secured major broadcasting rights until 2025, including ICC and Pakistan Super League cricket rights for Pakistan, comprehensive cricketing rights for North America via Willow TV, and rights for the World Squash Federation and Egypt Squash Federation.

The platform also holds English Premier League rights for Pakistan and various other sports rights such as the Asian Hockey Championship and Brave MMA.

In the esports arena, Myco has streaming rights for popular games including Counter-Strike 2, PUBG, and Valorant across the MENA region.

Following recent expansions into North America and Egypt, Myco is exploring additional strategic growth territories and aims to conclude a second closing of its Series A funding by early 2025.