Mighty Jaxx, a collectible toy designer, has bagged an additional US$3.2 million (S$4.5 million) to conclude its pre-Series A funding round, the company stated on Monday. This pre-Series A was led by KB Financial Group’s investment arm KB investment, a South Korean banking giant.
Other participants in this round included Greycroft Partners’ gaming fund GC VR Gaming Tracker Fund, and SGInnovate, an existing investor of Mighty Jaxx that is owned the Singaporean government.
The total amount that the was raised in this pre-Series A round is about US$4.7 million, with part of the new capital also earmarked to create products from its new licensing deals with Hasbro and Nickelodeon.
The fund will be used to develop Might Jaxx’s proprietary platform, MightyVerse, the company stated. It will also help the company ramp up its production in the second half of the year, as it onboards ViacomCBS and Hasbro for their new global licensing deals.
Under these deals, Mighty Jaxx will produce collectibles based on the umbrella properties of two entertainment companies that include SpongeBob Squarepants and Transformers.
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Since Mighty Jaxx was founded in 2012, it has also designed as well as manufactured lifestyle products and collectibles in partnership with brands that are known globally such as Warner Brothers, Sesame Street, DC Comics, and Cartoon Network.
It raised its first round of funding on July 2019 to develop MightyVerse. Products integrated with the platform have already been launched, and Mighty Jaxx’s goal is to produce five million units this year, with its next big release, a joint collaboration with Toei Animation’s popular anime “One Piece,” scheduled 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.