Dubai-based Web3 streaming platform myco secured USD 10 mn in the initial closing of its series A funding round, according to a press release. The investment came from venture capital firms across MENA, North America, and Europe, including Daman Investments, Aptos Labs, B Digital, Mocha Ventures, Art3 Foundation, Ghaf Capital Partners, Mix Media Network, Factor6 Capital Partners, and Enjinstarter. Eighty-eight accredited investors also participated through investment platform Republic.com, along with several angel investors.

Where the money’s going: After recent expansions into North America and Egypt, myco is exploring additional strategic growth regions and plans to finalize a second closing of its series A by early 2025.

Myco recently partnered with Aptos Foundation to become its blockchain partner, and plans to relaunch its native token on the Aptos Blockchain in 4Q 2024. The startup also became profitable in the 2023-24 fiscal year, generating USD 7.5 mn in revenue.

About the startup: Founded by Umair Masoom (LinkedIn) and Somair Rizvi (LinkedIn) in 2021, myco is a content streaming platform which offers live sports, films, documentaries, influencer videos, and user-generated content.

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