Magna, a New York-based token management platform provider, raised $15.2 million in seed funding.
The round was led by Tiger Global and Tusk Venture Partners with participation from Circle Ventures, Galaxy Digital, Asymmetric, Alchemy Ventures, Solana Ventures, Ava Labs, Polygon, Protocol Labs, Y Combinator Continuity, Blockchain Founders Fund, AV Blockchain Fund, Olive Tree Capital, ProtoFund, Plug and Play Ventures, Balaji Srinivasan, Ryan Selkis, and angels including senior executives from Anchorage, Fireblocks, TRM, Chainalysis, TokenSoft, Phantom, QuantStamp, and QuickNode, among other investors.
The company intends to use the funds to launch new token management offerings and continue to build the team.
Founded by CEO Bruno Faviero and CTO Arun Kirubarajan in early 2022, Magna allows crypto companies to put their token distributions on autopilot. With Magna, organizations can distribute tokens to their team, stakeholders, community members and other key stakeholders in a fast, secure, and reliable way on Solana, Ethereum, and other major blockchains. Magna’s token planning features also allow founders to plan future token distributions, while educating token holders on what their future ownership will look like.
The platform currently supports distributions on blockchains including Solana, Ethereum, Polygon, Avalanche, and others, and is now managing over $30M of distributions for select customers, having distributed to thousands of recipients since going live in July.
With a presence in New York, Miami, and Toronto, the company is actively hiring across several roles.