Token management platform Magna has closed its seed funding round on $15.2m.
Tiger Global and Tusk Venture Partners served as the lead backers to the round.
Other commitments came 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 and Plug and Play Ventures
The round was also backed by angel investors. These include senior executives from Anchorage, Fireblocks, TRM, Chainalysis, TokenSoft, Phantom, QuantStamp, and QuickNode.
With the funds, Magna will improve the overall experience of its platform. It will also build new product offerings, launch support for new blockchains and protocols and audit its smart contracts.
Magna stated its on-chain programs have been audited many times by firms including OtterSec and CertiK. The company is also integrating with institutional custody providers and market markers to improve custody and liquidity options.
As more companies and projects offer tokens to employees, community members, investors and other stakeholders, it is harder to manage thousands of token grants.
Bruno Faviero (CEO) and Arun Kirubarajan (CTO) founded the token management company in early 2022. Their aim was to remove the friction of managing token grants and distributing tokens. Customers input their distribution schedules and recipient information, and the platform automates the rest.
It supports distributions on blockchains including Solana, Ethereum, Polygon, Avalanche and others.
Magna CEO Bruno Faviero said, “Crypto founders want their stakeholders to get their tokens on-time, correctly, and in a compliant way.
“DIY tools for critical workflows like this often lead to extensive engineering efforts, unaudited code, unusable UIs, and a lack of support for proper tax reporting and compliance elements. These things have to work out of the box if we want to make it easier to start, scale, and participate in the next 100,000 crypto companies.”
For companies that have not launched their token, Magna helps them plan token allocations. Its tools include token offer letters and legal agreement management.
Those who have a live token, Magna offers on-chain insights, such as holdership breakdown, token transfers and live price. It also offers compliance support for tax withholding, calculating tax liability, IRS filings, and more.
Tiger Global recently led the $75m equity investment into Southeast Asia-based FinTech company Fazz Financial.
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