Funding round
Magic Series A
Magic, which works in AI model development in San Francisco, raised $23M in a Series A round announced on 6 Feb 2023, led by CapitalG. 2 firms took part. It is Magic's first venture round on record.
$23M
Amount raised
Not disclosed
Post-money valuation
2
Investors
1 lead
Valuation
What this round says about the price
Magic did not disclose a valuation in this round. It is Magic's first venture round on record, 1 year after it was founded in 2022. It is 5.4% of the $423M Magic has raised in the venture rounds on record. Magic raised again 12 months later: a Series B round of $80M in Feb 2024.
Investors
Who put money in
CapitalG led the round with 1 other firm.
Lead investor
- CapitalG backs 70 venture-backed companies new investor
Also in the round
- Amplify Partners new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, sales and marketing, scaling operations and working capital.
- Product development
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
1,610 Series A rounds in Tech Companies within a year either side disclosed an amount; the median was $12M, and this round was 1.9 times the median. The closest in time, other companies' Series A rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Tech Companies | 27 Feb 2023 | $55M | not disclosed | SignalFire |
| Tech Companies | 2 Feb 2023 | $25M | not disclosed | Addition and Greylock Partners |
| Tech Companies | 1 Feb 2023 | $22M | not disclosed | Bessemer Venture Partners |
| Tech Companies | 1 Feb 2023 | $20M | not disclosed | General Catalyst |
| Tech Companies | 14 Feb 2023 | $20M | not disclosed | Intel Capital |
| Tech Companies | 22 Feb 2023 | $20M | not disclosed | Evolution Equity Partners |
| Tech Companies | 15 Feb 2023 | $20M | not disclosed | not named |
| Tech Companies | 2 Feb 2023 | $20M | not disclosed | Riverside Acceleration Capital and Companyon Ventures |
Sources
Where this comes from
Reported by 4 sources.
Questions
Frequently asked
How much did Magic raise in its Series A round?
Magic raised $23M in its Series A round, announced in Feb 2023.
Who led Magic's Series A round?
CapitalG led it, with Amplify Partners.
What was Magic's valuation at the Series A round?
It was not disclosed.
How does it compare with other Series A rounds in Tech Companies?
1,610 Series A rounds in Tech Companies within a year either side disclosed an amount; the median was $12M, and this round was 1.9 times the median.
Did Magic raise again after this round?
Yes: a Series B round in Feb 2024 of $80M.