Mighty Jaxx, a prestigious art and toy collectible design studio startup based in Singapore, successfully completed a pre-Series A financing round when the collectibles specialist secured US$3.1 million recently. It was disclosed that the latest financing was led by KB Investment, one of South Korea’s foremost venture capital firms and a subsidiary of KB Financial Group, one of the country’s leading banking institutions. Existing investor SGInnovate, a deep tech investment firm that is wholly owned by the Singapore government, and Greycroft Partners, an American private equity firm founded by venture capital pioneer Alan Patricof in 2006, also participated in Mighty Jaxx’s latest funding. The toy design studio’s latest financing, in addition to its previous injection of US$1.5 million in funds last year, means that it has secured approximately US$4.7 million in total for its pre-Series A funding round.
According to the award winning art collectibles startup, the freshly acquired funds will enable it to further MightyVerse’s development, its proprietary tech platform, with which it began developing after raising its first part of financing in 2019. Additionally, the new injection of capital will enable the company to accelerate its development and production of toys and collectibles under internationally renowned brands such as ViacomCBS, an American multinational media conglomerate, and Hasbro, an American toy maker that is the largest in the world with products such as the Power Rangers, Transformers, board game Monopoly, G.I. Joe and My Little Pony. It is understood that Mighty Jaxx has recently acquired licensing deals from the two multinational behemoths to develop art collectibles and toys based on their famous range of brands, such as the aforementioned Transformers.
The startup’s MightyVerse platform will enable the art collectibles startup to utilize Singapore’s GovTech OpenCert program to create and produce tamper-resistant and permanent certificates to go along with their toys and figures, with the company aiming at releasing around five million collectibles and toys for the year 2020.
The Singapore-based toy and collectible design startup, which was founded in 2012, has developed more than one thousand unique designs in collaboration with prestigious global companies and brands including MTV, DC Comics, Cartoon Network and more, and has shipped its artfully designed and produced toys and figures to toy hobbyists and collectors all over the world. Their design studio is based in Singapore while its logistics and production are facilitated at their Shanghai-based outpost.
In order to ensure quality and excellence, all of the startup’s toys and collectibles are carefully hand-made from materials such as vinyl and polystone, with polystone being a highly durable compound that is effective at maintaining a sharp paint finish. In terms of their design process, Mighty Jaxx likes to be creative and frequently works together with their artist partners to come up with exciting figure designs that are derived from their intricate digital sculpting details. As each of their figures and toys are crafted with quality and precision in mind, different and unique approaches are utilized by the Singapore-based startup for each of their collectibles during the prototyping and mass production stages.