Mighty Jaxx, a manufacturer of licensed collectibles, has raised $ 4.5 million in Singapore (approximately $ 3.2 million) for MightyVerse, its technology-based platform. Led by the investment arm of KB Financial Group, one of South Korea's largest banks, Greycroft Partners' gaming fund GC VR Gaming Tracker Fund and returning investor SG Innovate also participated.
This brings Mighty Jaxx Total pre-Series A funding was approximately $ 4.7 million. Part of the new capital is also earmarked for the development of products from the new license agreements with Hasbro and Nickelodeon.
Mighty Jaxx was founded in 2012 and has additional license agreements, including partnerships with Cartoon Network, Warner Brothers, DC Comics, Looney Tunes and Sesame Street. The first round of financing for the development of MightyVerse was launched in July last year. Products integrated into the platform have already been launched. Mighty Jaxx aims to deliver five million units this year. The next major release, a collaboration with Toei Animation's popular anime "One Piece", is slated to take place within the next two months.
The development of MightyVerse was launched when Mighty Jaxx participated in Ubisoft's Entrepreneurs' Lab last year. Jackson Aw, founder and CEO of Mighty Jaxx, told theinformationsuperhighway that MightyVerse's technology will help authenticate collector numbers that can lead to huge prices in the secondary market by integrating technology during the manufacturing phase. The platform will eventually also include a social network for collectors.
MightyVerse collectibles can store information and digital assets to improve collection, Aw added. For example, when collectors buy a character, they can “unlock digital rewards that are hidden during the game, creating an incredibly impressive gaming experience in both the digital and physical worlds with MightyVerse.”
Aw said the COVID-19 pandemic affected Mighty Jaxx's manufacturing and logistics, especially when factories in China were closed. However, partnerships with factories in other countries and companies like DHL have helped mitigate the effects and bring operations back to a "level for optimal efficiency". ”