Collectibles startup Mighty Jaxx bags S$4.5m more to close pre-Series A round

SINGAPORE-BASED collectible toy designer Mighty Jaxx has raised an additional S$4.5 million to conclude its pre-Series A funding round, it said on Monday.

The latest funding was led by South Korean banking giant KB Financial Group's investment arm KB Investment.

Other participants included Los Angeles-based venture capitalist Greycroft Partners and Singapore government-owned deep-tech venture firm SGInnovate, which is an existing investor of Mighty Jaxx.

In total, the startup's pre-Series A round has raised about S$6.7 million, including the S$2.2 million injected in July 2019.

On Monday, Mighty Jaxx said the latest financing will be used to further develop its proprietary technology platform MightyVerse.

It will also help the company ramp up production in the second half of 2020, as it onboards Hasbro and ViacomCBS for their new global licensing deals. Under these deals, Mighty Jaxx will produce collectibles based on the two entertainment companies' umbrella of properties, including Transformers and Spongebob Squarepants.

Since its founding in 2012, the startup has also designed and manufactured collectibles and lifestyle products in partnership with global brands such as Cartoon Network, Warner Brothers, DC Comics and Sesame Street.