Magna, a token management platform for token management platforms, raised $15 million in a round led by Tiger Global Ventures and Tusk Ventures at a valuation of $70 million. This company allows investors and employees to stream, airdrop and distribute tokens.
Magna, a token management platform for Magna, raised $15.2 Million at a $70million evaluation.
Venture capital firms Tiger Global Ventures and Tusk Ventures led the funding round, CoinDesk first reported.
The round was also attended by Circle Ventures (Shima Capital), Solana Ventures (Solana Ventures), Avalanche Labs, Galaxy Labs, and individual investors such as DJ Steve Aoki, CEO of Messari Ryan Selkis.
The company was founded by Bruno Faviero, CEO, and Arun Kirubarajan (CTO), who had previously worked together in a company called maple, which was a tool to recommend SaaS tools for founders.
Magna wants to build more tools for crypto companies
Faviero explained that he switched to Magna because he realized there weren’t many tools available for crypto companies. “We were creating software guides for companies and we realized there weren’t any tools that could be included in a crypto guide.”
Customers can input their distribution schedules, recipient information and the platform will automate the rest. It stated that the platform is designed to eliminate friction in managing token grants and distributing tokens.
It’s available on Solana and Ethereum as well as Polygon, Avalanche and BNB Chain, along with other EVM-compatible chains. It is currently working to improve Aptos compatibility.
According to Faviero Magna had raised \$1 million previously from Shima Capital. To date, $17 million has been raised.