UAE-based Web3 streaming platform, myco, has secured $10 million in the first close of its Series A funding round, reaching a post-money valuation of $80 million. This funding round saw participation from prominent investors including Daman Investments, Aptos Labs, B Digital, Mocha Ventures, Art3 Foundation, Ghaf Capital Partners, Mix Media Network, Factor6 Capital Partners, Enjinstarter, and numerous angel investors. Additionally, 88 accredited investors joined the round through Republic.com.
Founded in 2021 by Umair Masoom and Somair Rizvi, myco is a content streaming platform that combines AVOD (advertising-based video on demand) and SVOD (subscription video on demand) within a decentralized framework. With recent expansions into North America and Egypt, the company plans to use the new funds to enter additional markets, form new partnerships, and complete a second closing of their Series A by early 2025.
In a press release, myco highlighted the success of the first closing of its Series A funding round, which was supported by key venture investors from MENA, North America, and Europe. The funding round was anchored by Daman Investments, which also served as an advisory partner and seed investor, and Republic Crypto, which acted 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. This funding milestone coincides with a major partnership announcement between myco and Aptos Foundation, which will see the platform relaunch its native utility token on the Aptos blockchain in Q4 2024, alongside migrating its wallet infrastructure.
Umair Masoom, Founder and Managing Director of myco, emphasized the platform’s successful expansion into key markets, noting significant achievements in user growth, retention, revenue, and community building. He expressed confidence in replicating this success in new markets with similar demographics and strong regional partnerships.
myco’s live streaming division has secured major broadcasting rights through 2025, including ICC and PSL cricket rights for Pakistan, major cricket 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 sports rights such as the Asian Hockey Championship and Brave MMA, along with leading e-sports streaming rights for games like Counter-Strike 2, PUBG, and Valorant in the MENA region.
Following its expansion into North America and Egypt, myco is actively exploring further strategic growth areas and aims to finalize a second closing of their Series A round by early 2025.
