UAE-Based Web3 Streaming Platform Myco Secures $10 Million in Series A Funding

The UAE-based Web3 streaming platform, Myco, has successfully raised $10 million (approximately Dh36.7 million) in its Series A funding round. The investment, which drew support from a diverse group of venture investors across the Middle East and North Africa (MENA), North America, and Europe, marks a significant milestone in the platform’s growth trajectory.

Key investors in this funding round include Daman Investments, Aptos Labs, B Digital, Mocha Ventures, Art3 Foundation, Ghaf Capital Partners, Mix Media Network, Factor6 Capital Partners, and Enjinstarter. Additionally, several prominent strategic angel investors and 88 accredited investors also participated. The capital was raised at a post-money valuation of $80 million, with Daman Investments serving as an advisory partner and seed investor, and Republic Crypto providing guidance as a Web3 advisor.

Myco has reported strong financial performance, announcing its first profitable year with an EBITDA of $1 million and revenue of $7.5 million for the 2023-24 fiscal year. The platform’s live streaming division has secured exclusive rights until 2025, including prestigious deals such as ICC and PSL Cricket Rights for Pakistan, all major cricketing rights for North America through Willow TV, and rights for the World Squash Federation and Egypt Squash Federation. The platform also holds English Premier League rights for Pakistan, various sports rights like the Asian Hockey Championship and Brave MMA, and leading e-sports streaming rights for popular games such as Counter-Strike 2, PUBG, and Valorant in the MENA region.

In addition to its financial achievements, Myco is preparing for further technological advancements. The platform plans to relaunch its native utility token on the Aptos Blockchain in early Q4 2024, along with a migration of its wallet infrastructure, enhancing the user experience and expanding its Web3 capabilities.

Following recent expansions into North America and Egypt, Myco is eyeing further strategic growth opportunities. The company aims to close a second round of Series A funding by early 2025, targeting markets with similar demographics and strong regional partnerships.

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

The latest funding and strategic plans position Myco as a leading player in the Web3 streaming landscape, poised for continued growth and innovation.