Singapore-based Mighty Jaxx, a blockchain-powered online platform for designer toys and collectibles, today said it has secured S$2.15 million (US$1.6 million) in pre-Series A investment round, led by Eight Mercatus, a home-grown venture builder and startup growth platform.
Singapore government-owned tech startup investor SGInnovate also contributed.
Mighty Jaxx will use the proceeds from this round to continue global expansion and further develop its proprietary technology platform.
As part of the agreement, Joanna Soh, Managing Director at Eight Mercatus, will join Mighty Jaxx’s board of directors.
Founded in 2012 by CEO Jackson Aw, Mighty Jaxx is an urban culture company that designs and manufactures collectibles and lifestyle products in partnership with global talents and brands such as Warner Brothers, DC Comics, Looney Tunes, Sesame Street, and Casio G-Shock. The company claims so far it has shipped millions of products to over 50 countries with diverse offerings in collectibles, gaming, lifestyle and fashion.
Mighty Jaxx has also been actively working to expand its global presence by collaborating with dance crews, music labels and prominent artists.
“As an industry, we are only just scratching the surface of how powerful harnessing technology can be when combined with the massive scale and transactions offered by our global fanbase to scale our growth fast,” said Aw.
In building its proprietary blockchain-powered platform, Mighty Jaxx will leverage the GovTech OpenCert platform, which gives the startup the capability to issue and validate tamper-resistant and permanent certificates to each and every collectible, allowing collectors the flexibility to purchase, receive, store, share and verify on the go.
Eight Mercatus is a venture building initiative by Mercatus Capital that helps startups scale and expand their markets beyond Singapore. Through its partnership with Innovation House Finland, startups have fast-tracked market access to Europe, via Finland. This partnership also extends to Finnish/Nordic startups that seek fast-tracked market access through Mercatus’s network of business contacts in the ASEAN region.