The round was led by Tiger Global and Tusk Venture Partners with participation from Circle Ventures, Galaxy Digital, Asymmetric, Alchemy Ventures, Solana Ventures, Ava Labs, Polygon, Protocol Labs, Y Combinator Continuity, Blockchain Founders Fund, AV Blockchain Fund, Olive Tree Capital, ProtoFund, Plug and Play Ventures, Balaji Srinivasan, Ryan Selkis, and angels including senior executives from Anchorage, Fireblocks, TRM, Chainalysis, TokenSoft, Phantom, QuantStamp, and QuickNode, among other investors.

Magna allows crypto companies to put their token distributions on autopilot. With Magna, organizations can distribute tokens to their team, stakeholders, community members and other key stakeholders in a fast, secure, and reliable way on Solana, Ethereum, and other major blockchains. Magna's token planning features also allow founders to plan future token distributions, while educating token holders on what their future ownership will look like.