Dubai-based myco closes $10mln funding round

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UAE – Mubasher: Dubai-based Web3 streaming platform myco has completed the first closing of its Series A funding, raising $10 million, according to a press release,

The fundraising transaction was led by prominent venture investors across MENA, North America and Europe.

Key participants included Daman Investments, Aptos Labs, B Digital, Mocha Ventures, Art3 Foundation, Ghaf Capital Partners, Mix Media Network, Factor6 Capital Partners, and Enjinstarter, among others.

Following recent expansions into North America and Egypt, myco outlined further strategic growth territories, with plans to conclude a second closing on their Series A by early 2025.

The capital was raised at a post-money valuation of $80 million, backed by Daman Investments as an Advisory Partner and Seed Investor, and Republic Crypto as a Web3 Advisor.

Meanwhile, the platform is set to relaunch its native utility token on the Aptos Blockchain at the beginning of the fourth quarter (Q4) of 2024.

Umair Masoom, Founder and Managing Director of myco, said: “With this new capital, we plan to replicate our success by expanding into markets with similar demographics and strong regional partnerships.”

Last month, myco recorded earnings before interest, taxes, depreciation, and amortisation (EBITDA) of $1 million and revenue of $7.50 million for the fiscal year (FY) 2023/2024.