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
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.