Mighty Jaxx raises $3.2 million for MightyVerse, its platform for tech-enabled collectible figures
Mighty Jaxx, which makes licensed collectibles, has raised 4.5 million Singapore dollars (about $3.2 million) in funding for MightyVerse, its platform for tech-enabled figures. Led by the investment arm of KB Financial Group, one of South Korea’s largest banks, the round also included participation from Greycroft Partners’ gaming fund GC VR Gaming Tracker Fund and returning investor SG Innovate.
This brings Mighty Jaxx’s total pre-Series A funding to about $4.7 million, with part of the new capital also earmarked to develop products from its new licensing deals with Hasbro and Nickelodeon.
Founded in 2012, Mighty Jaxx’s other licensing deals including partnerships with Cartoon Network, Warner Brothers, DC Comics, Looney Tunes and Sesame Street. It raised its first round of funding last July to develop MightyVerse. Products integrated with the platform have already launched, and Mighty Jaxx’s goal is to ship five million units this year, with its next big release, a collaboration with Toei Animation’s popular anime “One Piece,” to take place within the next two months.
The development of MightyVerse was incubated when Mighty Jaxx took part in Ubisoft’s Entrepreneurs’ Lab last year. Jackson Aw, founder and CEO of Mighty Jaxx, told TechCrunch that MightyVerse’s technology will help authenticate collectible figures, which can go for huge prices on the secondary market, by integrating technology during the manufacturing stage. The platform will also eventually include a social network for collectors.
MightyVerse collectibles are able to store information and digital assets, gamifying the collecting experience, Aw added. For example, when collectors buy a figure, “they will be able to unlock digital rewards hidden throughout the game, allowing us to create an incredibly immersive game experience in both the digital and physical worlds through the MightyVerse.”
Aw said the COVID-19 pandemic impacted Mighty Jaxx’s manufacturing and logistics, especially when factories closed in China, but partnerships with factories in other countries and companies like DHL have helped mitigate the impact, allowing its operations to return to “a level for optimum efficiency.”
Mighty Jaxx, which makes licensed collectibles, has raised 4.5 million Singapore dollars (about $3.2 million) in funding for MightyVerse, its platform for tech-enabled figures. Led by the investment arm of KB Financial Group, one of South Korea’s largest banks, the round also included participation from Greycroft Partners’ gaming fund GC…
Recent Posts
- Meta Quest’s software is coming to new Asus ROG and Lenovo headsets
- Sony’s wearable air conditioner is the first step towards a real Dune stillsuit
- Fortnite will let players hide mean emotes
- Quordle today – hints and answers for Tuesday, April 23 (game #820)
- NYT Strands today — hints, answers and spangram for Tuesday, April 23 (game #51)
Archives
- April 2024
- March 2024
- February 2024
- January 2024
- December 2023
- November 2023
- October 2023
- September 2023
- August 2023
- July 2023
- June 2023
- May 2023
- April 2023
- March 2023
- February 2023
- January 2023
- December 2022
- November 2022
- October 2022
- September 2022
- August 2022
- July 2022
- June 2022
- May 2022
- April 2022
- March 2022
- February 2022
- January 2022
- December 2021
- November 2021
- October 2021
- September 2021
- August 2021
- July 2021
- June 2021
- May 2021
- April 2021
- March 2021
- February 2021
- January 2021
- December 2020
- November 2020
- October 2020
- September 2020
- August 2020
- July 2020
- June 2020
- May 2020
- April 2020
- March 2020
- February 2020
- January 2020
- December 2019
- November 2019
- December 2011