Funding round
Magic Growth
Reported as "Growth Equity"
Magic, which works in AI model development in San Francisco, raised $320M in a Growth round announced on 29 Aug 2024. 5 firms took part. It is Magic's third venture round on record; the one before was a Series B in Feb 2024.
$320M
Amount raised
Not disclosed
Post-money valuation
5
Investors
no lead named
Valuation
What this round says about the price
Magic did not disclose a valuation in this round. It came 6 months after Magic's Series B. It is 76% of the $423M Magic has raised in the venture rounds on record. No later venture round is on record for Magic.
Investors
Who put money in
5 firms took part; no lead investor was named.
Investors
- Sequoia Capital backs 589 venture-backed companies new investor
- CapitalG backs 70 venture-backed companies new investor
- Atlassian new investor
- Jane Street new investor
- Innovation Endeavors backs 110 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, scaling operations and working capital.
- Hiring
- Product development
- Scaling operations
- Working capital
Comparable rounds
How it compares
378 Growth rounds in Tech Companies within a year either side disclosed an amount; the median was $48M, and this round was 6.7 times the median. The closest in time, other companies' Growth rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Kiteworks Tech Companies | 14 Aug 2024 | $456M | $1.00B | not named |
| Tech Companies | 22 Aug 2024 | $250M | not disclosed | Brighton Park Capital and Symphony Ventures |
| Tech Companies | 1 Aug 2024 | $125M | $2.50B | Providence Equity |
| Tech Companies | 1 Aug 2024 | $100M | $1.00B | Aliment Capital |
| Tech Companies | 28 Aug 2024 | $80M | not disclosed | Capitol Meridian Partners |
| Tech Companies | 26 Aug 2024 | $74M | not disclosed | Mainsail Partners |
| Tech Companies | 1 Aug 2024 | $44M | not disclosed | not named |
| Tech Companies | 15 Aug 2024 | $14M | not disclosed | MTIP |
Sources
Where this comes from
Reported by 5 sources. The deal data marks this round as not yet confirmed by an official announcement. Unconfirmed
Questions
Frequently asked
How much did Magic raise in its Growth round?
Magic raised $320M in its Growth round, announced in Aug 2024.
Which investors took part in Magic's Growth round?
Sequoia Capital, CapitalG, Atlassian, Jane Street and Innovation Endeavors.
What was Magic's valuation at the Growth round?
It was not disclosed.
How does it compare with other Growth rounds in Tech Companies?
378 Growth rounds in Tech Companies within a year either side disclosed an amount; the median was $48M, and this round was 6.7 times the median.