Toy designer Mighty Jaxx raises $2.15m pre-investment funds

It will be used to develop a blockchain-powered, machine learning ecosystem.

Mighty Jaxx International clinched $2.15m worth of Pre-Series A funding round led by Eight Mercatus, a homegrown venture builder and startup growth platform, with co-investment from SGInnovate, a government-owned firm.

Established in 2012 by CEO Jackson Aw using a loan of $20,000, the firm designs and manufactures collectible and lifestyle products. With millions of products shipped across 50 countries, Mighty Jaxx eyes to develop a patent-pending “blockchain-powered, machine learning ecosystem” which they said will increase connectivity and engagement between creators and collectors.

The system will leverage the GovTech OpenCert platform. Unique, tamper-resistant and permanent certificates will be issued for each and every product, which will give collectors the flexibility to purchase, receive, store, share and verify their collectibles.

“Through the use of blockchain and machine learning, Mighty Jaxx’s digitally-authenticated collectibles platform enables them to increase and enhance engagement with creators and collectors,” said Hsien-Hui Tong, head of venture investing, SGInnovate.

Joanna Soh, managing editor of Eight Mercatus, will join Mighty Jaxx’s board of directors to provide support for the company in their high-growth stage.