myco secures $10m funding to spread wings further

• New funding values the UAE-based startup at $80m.
• myco’s live streaming division secures major rights until 2025, including ICC and PSL Cricket Rights for Pakistan, all major cricketing rights for North America via Willow TV, and rights for the World Squash Federation and Egypt Squash Federation.

UAE-based Web3 streaming platform – myco – has closed its $10 million Series A funding from prominent investors from MENA, North America and Europe to spread wings into newer markets.

Key participants include Daman Investments, Aptos Labs, B Digital, Mocha Ventures, Art3 Foundation, Ghaf Capital Partners, Mix Media Network, Factor6 Capital Partners, and Enjinstarter, along with several prominent strategic angel investors. 88 accredited investors also participated in the round through Republic.com.

The startup aims to conclude its second closing of their Series A by early 2025.

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

Last month, myco reported its first profitable year, with an EBITDA of $1 million and revenue of $7.5 million for the 2023-24 fiscal year. 

“myco has already demonstrated its ability to scale in key markets, achieving exceptional metrics in user growth, retention, revenue, and community building. With this new capital, we plan to replicate our success by expanding into markets with similar demographics and strong regional partnerships.” Umair Masoom, Founder and Managing Director of myco, said.

myco’s live streaming division has secured major rights until 2025, including ICC and PSL Cricket Rights for Pakistan, all major cricketing rights for North America via Willow TV, and rights for the World Squash Federation and Egypt Squash Federation.

Additionally, myco holds English Premier League Rights for Pakistan and various sports rights like the Asian Hockey Championship and Brave MMA, along with leading e-sports streaming rights for games such as Counter-Strike 2, PUBG, and Valorant in the MENA region.