Token management platform Magna raised $15.2 million at a $70 million evaluation.
The funding round was led by venture capital firms Tiger Global and Tusk Ventures, CoinDesk first reported.
Shima Capital, Circle Ventures, Solana Ventures, Avalanche Labs and Galaxy Labs also participated in the round, as well as individual investors like DJ Steve Aoki and co-founder and CEO of Messari Ryan Selkis.
The company was started at the beginning of 2022 by CEO Bruno Faviero and CTO Arun Kirubarajan, who previously worked together at a company called Maple, a tool for recommending SaaS tools to founders.
"We switched to working on Magna when we realized that there were very very few tools for helping crypto companies with their operations," Faviero told The Block. "We had been putting together software guides for companies, and realized that there were no tools to even include in a crypto guide at the time."
The platform allows customers to input their distribution schedules and recipient information and automates the rest. The point is to remove the friction of managing token grants and distributing tokens, it said in a statement.
It is live on Solana, Ethereum, Polygon, Avalanche, BNB Chain and other EVM-compatible chains. It is currently working on Aptos compatibility.
Magna had previously raised $1 million from Shima Capital, according to Faviero, with a total of $17 million raised to date.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.