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🦄 Unicorner Startup of the Week: Magna
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✍️ Notes From The Editors
Hey 👋 we have a lot to share this week!
Arek recently announced he'd be spending the summer working full-time on Unicorner. To add to that, Ethan is going to be working full-time on Unicorner too. We have some exciting things planned for the next couple months, so stay tuned :)
Today's cover of Magna comes from Jessica Shen, editor of AsianFound. AsianFound is a weekly newsletter covering API Gen Z founders and creators with exclusive, bite-sized interviews. Past features include VC-backed startup founders, Forbes 30 under 30 honorees, viral influencers, community builders, and most recently, the co-founder and CTO of Magna. Subscribe to their newsletter at www.asianfound.com.
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Token distribution/cap table management for web3
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Magna is a platform that allows companies to manage capitalization tables and distribute token equity to employees and investors. Its automated platform aims to save companies time and prevent lost tokens and security vulnerabilities.
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💰 Business Model
Magna provides its platform to companies through a SaaS business model. Further details are confidential as of now.
📈 Traction and Fundraising
- Took part in Y Combinator W22 batch
- Raised $2.5 million pre-seed round from Abstract Ventures, Y Combinator, Shima Capital, and Soma Capital
👫 Founders
- Bruno Faviero, CEO: Previously Founder and COO @ Synapse Technology (acquired by Palantir in 2020), Forbes 30 Under 30 honoree, Angel Investor, Managing Partner @ Dorm Room Fund, CS @ MIT
- Arun Kirubarajan, CTO: Quant @ Millennium, Quant @ Vise, Managing Partner @ Dorm Room Fund, NLP/ML Researcher and CS Lecturer @ UPenn, CS MSE and CS & Linguistics BASc @ UPenn
💼 Opportunities
Magna is currently hiring software engineers and product designers. Respond to this email if you're interested!
🔮 Our Analysis
The crypto industry relies on DeFi, or decentralized finance, instead of traditional banks. This essentially means payments are peer-to-peer, powered by the blockchain, instead of through a centralized service. Crypto/web3 companies need to pay out equity and crypto tokens to investors and employees using DeFi. In its current state, many crypto startups are sending out manually calculated payments to employees and investors. This process is labor-intensive and prone to errors due to complicated cap tables and vesting schedules, with companies spending hours per week verifying numbers on Google Sheets spreadsheets using hacky programming scripts. Magna offers an all-in-one platform for companies to automate their token payouts and manage cap tables, saving companies the headache and time of doing it on their own. We predict Magna will grow quickly because it’s laying the foundation for the web3 industry’s finances, allowing companies to scale.
📚 Further Reading
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