Singapore-based designer toy and art collectibles company Mighty Jaxx has closed an oversubscribed Series A+ funding round led by East Ventures for an undisclosed amount.
According to the statement made by the company, this round sees the welcome of new strategic investors iDreamSky Technology Holdings Ltd and another undisclosed, leading technology company with rich intellectual property (IP) resources fuelled by burgeoning interest in the phygital and metaverse future. Previous major investors, KB Investment and Korea Investment Partners continue to contribute towards its growth.
Founder and Chief Executive Officer of Mighty Jaxx, Jackson Aw commented on the company’s observation in the growth of the Chinese collectible market over the past few years, led by the rise of Chinese collectible brands as well as new players.
“In this $100 billion market, phygital collectibles will emerge as a key focus point in the drive for digital convergence, and for the rise of the metaverse and the creator economy.”
“We are very grateful for the trust and support from all of our investors, and this recognition further reinforces Mighty Jaxx’s vision and ambition to reshape the collecting experience with new technology. The rich experience of our investors will help us break new ground and create a richer and more enjoyable future culture.”
Leveraging on its new investor’s strengths in China-wide broad-based entertainment platforms and rich IP resources, Mighty Jaxx will depend on iDreamSky's expertise in developing offline entertainment experiences to channel their gaming IP and distribution of its collectibles via their global network through its WePlay retail network to further strengthen its offline/online offerings.
“Dynamic IPs are the core drivers of the collectible industry and in China, this has traditionally been dominated by popular Western IPs tapping on the nostalgia of consumers,” added Aw.
“In recent years, China’s content and IP development capabilities in animation, film and gaming has grown from strength to strength and Mighty Jaxx is very well placed to bring quality local IPs to the global market and vice versa by continuing to deliver global IPs to Chinese consumers.”