Startup Magma Raises Over $3 M In Seed Round
Taozen Technology, which operates the cross-border B2B supply chain enablement startup Magma, has raised USD 3.3 million (approximately Rs 26.4 crore) in a seed funding round led by General Catalyst.
Magma, founded in 2022 by Thakkar, is a B2B manufacturing and supply chain enablement platform for building materials. The new funds will be used for product expansion, hiring, and the development of the company's technology stack. Its product stack, which includes factory and supplier-specific applications, assists factories in procuring raw materials and finding global buyers for exports.
The startup claims to have signed up over 80 factories and hopes to end the current fiscal year with an annualised gross merchandise value (GMV) run rate of USD 18 million.
In August 2022, WEH Ventures led a USD 515,000 pre-seed funding round, with participation from All in Capital, PointOne Capital, Angelist India, and angel investors such as Revant Bhate (Man Matters), Subin Mitra, and Pratik Tiwari (Groyyo), among others.
General Catalyst, a venture capital (VC) fund based in the United States, was founded in 2000. It invests in early-stage and growth equity. It has made investments in Silicon Valley powerhouses such as Airbnb Inc., Stripe Inc., Snap Inc., Guild, and Hubspot. Its portfolio in India includes CityMall, Cred, Uni, and StockGro.
