Tiger Global-Backed Startup Notches $70M Valuation: INVESTING MEMO

• Token management platform, Magna, announced a $15.2 million seed round on Thursday. 
• Tiger Global, Galaxy Digital, Tusk Venture Partners, and Solana Ventures are all Magna backers.
• Check out this 7-page investing memo that landed the project funding

Magna, a token management platform, announced a $15.2 million seed round on Thursday, notching a $70 million valuation. Backed by industry giants Tiger Global and Tusk Venture Partners, the fresh capital will go towards product development, staff expansion, and forthcoming partnerships.

Founded in 2022, Magna is developing a token distribution platform that enables digital asset funds, decentralized autonomous organizations, and protocols to automate token issuance, aiming to streamline a process that’s often highly technical and arduous.

“We started Magna to solve a problem we hear from crypto companies and institutions about managing token distributions. The current process is time-consuming and often done manually and tracked through excel,” Bruno Faviero, CEO and cofounder of the startup, told Insider in a statement. 

Other backers include Galaxy Digital, Circle Ventures, Solana Ventures, Ava Labs, Polygon, Blockchain Founders Fund, along with participation from former Coinbase exec Balaji Srinivasan, EDM artist Steve Aoki and several others.

“Magna is solving a pain point that many founders and organizations face today when managing tokens for employees and various stakeholders,” Jordan Nof, managing partner and cofounder at Tusk Venture Partners, said in a statement.

Nof added: “Token issuances can create a powerful incentive for stakeholders, but managing the process is still highly manual. Bruno and the team at Magna are creating a platform that will change the future of how companies plan, manage and execute token distributions.”

Insider exclusively obtained this 7-page investing memo that landed the startup funding. The figures shared on the pitch, per Magna, are from March and may not be entirely up to date.