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Lokesh Choudhary · · 4 min readMighty Jaxx collects $11m more in series A+ round to fuel US, Europe growth
Singapore-based companies are increasingly looking to expand to the US amid the tech winter, drawn by the country’s sizable consumer market.
This trend was fueled by a variety of factors including the Covid-19 pandemic, which prompted many businesses to explore new markets and diversify their revenue streams.
One such company is Mighty Jaxx. Founded in 2012 by Jackson Aw, it creates limited-edition collectibles in partnership with well-known companies such as Nickelodeon, Warner Brothers, and Netflix, among others. The design studio has customers in 90 countries.
See also: Startups ditch SEA expansion for American Dream, but it’s not that simple
In an exclusive interview with Tech in Asia, Mighty Jaxx said it has secured an additional US$11 million via an extension of its series A+ fundraise. In March 2022, the company bagged US$20 million in the first close of the round.
Might Jaxx founder Jackson Aw / Photo credit: Jackson Aw
With this latest infusion, Mighty Jaxx has raised over US$51 million in total to date.
Sunova Capital and East Ventures joined the new round of funding. East Ventures had led the first close, which saw participation from investors such as Mirana Ventures, KB Investment, and Korea Investment Partners.
While the valuation of the first close of the round was pegged at over US$200 million, Mighty Jaxx didn’t reveal the valuation of the final close. “A significant portion of the funding will be used to finance our increasing purchase orders from customers,” Aw tells Tech in Asia.
Apart from the UK, Mighty Jaxx also has offices in China and the US, where the company has been doing business since its inception.
It plans to scale up its business in the US and Europe this year, tapping into the fresh funds to support this growth.
Mighty Jaxx is now focusing on blockchain infrastructure. / Photo credit: Mighty Jaxx
The design studio says it has seen a sales uptick in the US. The increase is primarily driven by its top-selling One Piece merchandise, which are based on the popular anime series – becoming top sellers. Meanwhile, consumer demand in Europe is also on a steep upward trajectory.
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The Singapore-based collectibles firm is targeting EBITDA profitability by the end of this year on the back of growing demand in the US.
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