# Magic Labs

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/magic-labs

- Industry: Software
- Headquarters: San Francisco, US
- Website: www.magic.link
- Total disclosed funding: $76M
- Latest round: Series B (May 31, 2023)
- Investors on record: 15

## About

Magic Labs, Inc. is a US-based company focused on wallet abstraction solutions that enhance user experiences in the blockchain ecosystem through innovative wallet technology.Founded in 2018 and headquartered in San Francisco, US, Magic Labs, Inc. provides wallet abstraction solutions to streamline interactions with decentralized applications. The company was co-founded by Arthur Jen and Jaemin Jin, with Sean Li as the CEO. Magic Labs has successfully completed a Series B funding round in May 2023, securing USD 52.00 mn led by PayPal Ventures, with participation from notable investors such as Cherubic Ventures, Kx Technology Fund, Northzone, Synchrony Ventures, and Volt Capital. The total amount raised by the company to date stands at USD 52.00 mn with a current valuation of USD 500.00 mn.Magic Labs specializes in wallet abstraction solutions designed to enhance user experience in the blockchain ecosystem. Their primary offerings include embedded wallets and API wallets that simplify the interaction between users and decentralized applications, greatly improving usability for developers and end-users alike. Launched in 2018, Magic's products target common pain points in the crypto space, enabling smoother onboarding processes for users who may find traditional wallets cumbersome. The company aims to serve a diverse client base that includes developers, enterprises, and end consumers across various geographical markets, including North America, Europe, and Asia. With the introduction of their latest innovation, Newton, Magic continues to pioneer advancements that ensure secure and efficient transactions on multiple chains, catering to the growing demand for user-friendly solutions in the rapidly evolving crypto landscape.Magic Labs generates revenue through a combination of subscription models and partnerships with developers and enterprises that utilize their wallet solutions. Clients typically engage with Magic’s services by integrating its embedded and API wallets into their applications, facilitating seamless cryptocurrency transactions for their users. The revenue structure is composed of fees associated with these partnerships and potentially transaction-based pricing for services rendered. Their flagship products, including Newton, are central to these transactions, providing the foundation for both individual users and businesses to engage in on-chain activities efficiently. Specific pricing plans are tailored to meet the needs of various client segments, ensuring that both B2B and direct-to-consumer transactions can occur smoothly within Magic's ecosystem.

## Funding rounds

- Series B, May 31, 2023, $52M — Northzone, Cherubic Ventures, PayPal Ventures, Synchrony Ventures, Volt Capital, Kasikorn X
- Series A, Jul 22, 2021, $20M — Northzone, Tiger Global Management, SV Angel, Digital Currency Group, Cherubic Ventures, Placeholder, CoinFund Management, Volt Capital
- Seed, Jun 1, 2019, $4M — Lightspeed Venture Partners, SV Angel, Social Capital, Cherubic Ventures, Refactor Capital, Placeholder, Unusual Ventures, Volt Capital

## Investors

- Lightspeed Venture Partners (https://capitalatlas.ai/funds/lightspeed-venture-partners) — Seed
- SV Angel (https://capitalatlas.ai/funds/sv-angel) — Seed, Series A
- Social Capital (https://capitalatlas.ai/funds/social-capital) — Seed
- Cherubic Ventures (https://capitalatlas.ai/funds/cherubic-ventures) — Seed, Series A, Series B
- Refactor Capital (https://capitalatlas.ai/funds/refactor-capital) — Seed
- Placeholder (https://capitalatlas.ai/funds/placeholder) — Seed, Series A
- Unusual Ventures (https://capitalatlas.ai/funds/unusual-ventures) — Seed
- Volt Capital (https://capitalatlas.ai/funds/volt-capital) — Seed, Series A, Series B
- Northzone (https://capitalatlas.ai/funds/northzone) — Series A, Series B
- Tiger Global Management (https://capitalatlas.ai/funds/tiger-global-management) — Series A
- Digital Currency Group (https://capitalatlas.ai/funds/digital-currency-group) — Series A
- CoinFund Management (https://capitalatlas.ai/funds/coinfund-management) — Series A
- PayPal Ventures (https://capitalatlas.ai/funds/paypal-ventures) — Series B
- Synchrony Ventures (https://capitalatlas.ai/funds/synchrony-ventures) — Series B
- Kasikorn X — Series B