The $5 million raise was led by GFR Fund, with contributions from Bandai Namco Entertainment 021 Fund, 4founders, Supernode Global, Gaingels, Anorak Ventures, Acequia Capital and leading industry angels. With the funding, innovative new features will be introduced to Magma's all-in-one art platform that allows art teams to easily exchange ideas on one canvas, and improve output and workflows. The Round is also being used to expand the international team including key hires in operations, business development, and sales. Oli Strong has recently joined as the company's CSO/COO and Heather Shelton was hired as the Commercial Director.

Launched in 2020, Magma is a collaborative canvas built from the ground up for artists. Created by artists for artists, Magma provides real-time creation, collaboration, communication, brainstorming, and sharing, all within a virtual canvas. The platform hosts artists in over 100 countries, with more than 2 million users contributing to the creation of over 20 million artworks.