UAE-based Web3 streaming platform myco has raised $10 million in its Series A round from venture capital firms across MENA, North America, and Europe, valuing the company at $80 million post-money — a significant milestone that coincides with the platform's first profitable fiscal year.
Series A Investors and Round Details
The funding round drew participation from Daman Investments, Aptos Labs, B Digital, Mocha Ventures, Art3 Foundation, Ghaf Capital Partners, Mix Media Network, Factor6 Capital Partners, and Enjinstarter. Beyond institutional backers, 88 accredited individual investors joined through Republic.com, underscoring the platform's growing retail appeal.
The post-money valuation of $80 million reflects confidence in myco's trajectory at a time when many Web3 consumer platforms have struggled to demonstrate durable revenue.
First Profitable Year Fuels Expansion Case
The myco Series A funding announcement arrived alongside a significant financial milestone: myco reported its first profitable year, posting an EBITDA of $1 million on total revenues of $7.5 million for FY 2023-24. The platform now counts over 13 million registered users and more than 3 million monthly active users across 190 countries.
Founder and Managing Director Umair Masoom said the company had succeeded in signing up new customers, retaining them, and building a strong community in its core markets. The fresh capital will allow myco to pursue geographically and demographically adjacent growth markets.
Aptos Blockchain Token Relaunch
A key use of proceeds is a strategic shift in myco's blockchain infrastructure. The platform is partnering with the Aptos Foundation to reissue its native utility token on the Aptos Blockchain at the start of Q4 2024, alongside a full migration of its wallet infrastructure. The move is designed to improve scalability and user experience for the platform's crypto-native audience.
Sports and Esports Rights Portfolio
myco has assembled an extensive live content library that sets it apart from general-purpose Web3 platforms. Current rights holdings through 2025 include:
- International Cricket Council and Pakistan Super League rights for Pakistan - North American cricket rights via Willow TV - World Squash Federation and Egypt Squash Federation rights - English Premier League rights for Pakistani consumers - Asian Hockey Championship and Brave MMA rights - Esports streaming rights for Counter-Strike 2, PUBG, and Valorant across the MENA region
This content portfolio gives myco a defensible position in high-engagement live sports categories that are underserved by mainstream streaming services in South Asia and the Middle East.
Second Closing and Global Road Map
Having recently expanded into North America and Egypt, myco is targeting a second closing of the Series A before the end of Q2 2025. The company's strategy centres on leveraging exclusive content rights and blockchain-native features to reach a wider global audience and cement its position in the fast-evolving Web3 streaming industry.
