Singapore’s Mighty Jaxx raises $10m in Tencent-led funding round

Photo from Mighty Jaxx's social media page.

Mighty Jaxx International, a Singapore-based platform for designer toys and collectibles, has raised $10 million in its latest funding round,

Its latest financing was backed by Aceville Pte Ltd, a Singapore-registered unit of Tencent Cloud. South Korea’s KIP and KB Investment, which was the lead investor in the startup’s pre-Series A funding round last year, also participated in the round.

According to Mighty Jaxx’s filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA) accessed by DealStreetAsia – DATA VANTAGE, the company received $8.1 million as part of the round last week.

Aceville invested $7.2 million in the round. KB Investment pumped in $965,000 in the round through KB Growth Capital Fund and KB Culture & Global Digital Content Fund.

Top shareholders of Mighty Jaxx

Note: The shareholding structure is based on capital received by the company so far in its latest round. Source: DATA VANTAGE.

The round also nearly doubled Mighty Jaxx’s share price from $34 in the previous round to $64.5 apiece. The company is valued at $60 million after the latest financing.

The latest capital infusion comes more than a year after Mighty Jaxx raised about $3 million to conclude its pre-Series A funding round at about $5 million.

Founded in 2012, Mighty Jaxx is an urban culture company that designs and manufactures collectibles and lifestyle products in partnership with global brands such as Hasbro, Cartoon Network, Nickelodeon, Warner Brothers, DC Comics, Looney Tunes and Sesame Street.

Since starting out in 2012, Mighty Jaxx claims to have shipped millions of products to collectors in over 60 countries worldwide. Over the past year, it has been vocal about its intentions to diversify its customer offerings and evolve together with the needs of its target audience.

In July 2019, the company had raised S$2.15 million in the first tranche of its pre-Series A round led by Eight Mercatus, a homegrown venture builder and startup growth platform, with a matching co-investment from SGInnovate, a Singapore government-owned investment firm.

Editor’s note: This story was updated on Aug 12 with responses from sources close to Mighty Jaxx.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.