Funding round
Magic Series B
Magic, which works in AI model development in San Francisco, raised $80M in a Series B round announced on 12 Feb 2024, led by NFDG Ventures. 1 firm took part. It is Magic's second venture round on record; the one before was a Series A in Feb 2023.
$80M
Amount raised
Not disclosed
Post-money valuation
1
Investors
1 lead
Valuation
What this round says about the price
Magic did not disclose a valuation in this round. It came 12 months after Magic's Series A. It is 19% of the $423M Magic has raised in the venture rounds on record. Magic raised again 6 months later: a Growth round of $320M in Aug 2024.
Investors
Who put money in
NFDG Ventures led the round.
Lead investor
- NFDG Ventures
Use of proceeds
What the money is for
According to the announcement, the money goes to product development.
- Product development
Comparable rounds
How it compares
560 Series B rounds in Tech Companies within a year either side disclosed an amount; the median was $27M, and this round was 3.0 times the median. The closest in time, other companies' Series B rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Tech Companies | 1 Feb 2024 | $100M | $1.00B | Index Ventures |
| Tech Companies | 6 Feb 2024 | $70M | not disclosed | Kleiner Perkins and OpenAI Startup Fund |
| Tech Companies | 27 Feb 2024 | $64M | not disclosed | Lightspeed Venture Partners |
| Tech Companies | 15 Feb 2024 | $53M | not disclosed | Spark Capital and Pillar VC |
| Tech Companies | 12 Feb 2024 | $43M | not disclosed | Arthur Ventures and Lead Edge Capital |
| Tech Companies | 27 Feb 2024 | $43M | $500M | Balderton Capital and Aglaé Ventures |
| Tech Companies | 13 Feb 2024 | $35M | not disclosed | not named |
| Tech Companies | 6 Feb 2024 | $27M | not disclosed | CommerzVentures |
Sources
Where this comes from
Reported by 1 source.
Questions
Frequently asked
How much did Magic raise in its Series B round?
Magic raised $80M in its Series B round, announced in Feb 2024.
Who led Magic's Series B round?
NFDG Ventures led it.
What was Magic's valuation at the Series B round?
It was not disclosed.
How does it compare with other Series B rounds in Tech Companies?
560 Series B rounds in Tech Companies within a year either side disclosed an amount; the median was $27M, and this round was 3.0 times the median.
Did Magic raise again after this round?
Yes: a Growth round in Aug 2024 of $320M.