UAE’s myco Secures $10M in Series A Funding to Expand Web3 Streaming Platform

More than investors, myco, the Web3 streaming platform headquartered in the UAE, has managed to attract $10 million in its Series A round from as many MENA, North American, and European venture capitalists. The funding round has been trailed by participants on Tuesday, including Daman Investments, Aptos Labs, B Digital, Mocha Ventures, Art3 Foundation, Ghaf Capital Partners, Mix Media Network, Factor6 Capital Partners and Enjinstarter. Moreover, 88 accredited investors invested through Republic. com, which proves that this platform is gaining popularity progressively.

The funding round valued myco at $80 million post money, quite a feat for the company and more so when myco has recently stated reporting its first profitable year where myco established an EBITDA of $1m and total revenues of $7. 5m for the FY 2023-24. This financial success is supported by a long-term cooperation with the Aptos Foundation, which is planned at the end of Q4 2024 myco to reissue its native utility token on the Aptos Blockchain and transfer its wallets.

Myco’s Founder and Managing Director, Umair Masoom, highlighted that in the company’s critical markets, it continued to sign up new customers, retain them and foster the strong myco community. With the new capital, myco must seek the other related markets demographically and geographically closely related to the current markets.

Myco live streaming service has also obtained rights till 2025 for International Cricket Council and Pakistan Super League Cricket Rights for Pakistan, North American cricket rights for Willow TV, rights of World Squash Federation and Egypt Squash Federation. It also has English Premier League rights for Pakistani consumers and other sports rights such as, Asian Hockey Championship and Brave MMA. In e-sports domain, myco has acquired the rights to stream Games like Counter-Strike 2, PUBG & Valorant in the MENA region.

Having recently expanded to North America and Egypt the myco team continues to seek out optimal growth regions and plans on doing a second round of the Series A funding sometime before the second quarter of 2025. This would place myco at a strategic position in the global Web3 streaming industry given that its key focus will, therefore, be to further leverage technological advances and exclusive content rights in reaching out a wider market.