Magna, a token management platform has raised $15 million in its seed round funding at a $70 million valuation led by Tiger Global and Tusk Venture Partners, with participation from other investors.
- Magna provides token distribution software that makes it easier for protocols, decentralized autonomous organizations (DAO), and crypto funds to send and receive tokens– a process that has been riddled with errors and less automation so far.
- Bruno Faviero, Magna CEO says the token startup was founded to make it easier to start and scale crypto companies, with no worries. The startup also aims to enable crypto founders to ensure their stakeholders get tokens on time, correctly, and in a compliant way.
- Magna is a platform that is changing the future of how companies plan, manage and execute token distributions, says, Jordan Nof, managing partner and co-founder at Tusk Venture Partners. The web3-focused platform is solving a pain point that founders and organizations face today in managing tokens for their employees and stakeholders, Jordan includes.
- Shima Capital, Circle Ventures, Solana Ventures, Polygon Ventures, Avalanche Labs, and Galaxy Labs, alongside individual investors like Balaji Srinivasan, Messari's Ryan Selkis, and DJ Steve Aoki participated in the funding round.