Cross border B2B manufacturing and supply chain enablement platform for building materials, Magma, has raised pre-seed funding of $515,000 led by WEH Ventures, with participation from All in Capital, PointOne Capital, Angelist India, and marquee angels, including Revant Bhate (Man Matters), Subin Mitra and Pratik Tiwari (Groyyo), Pawan Gupta and Abhishek Sharma (Fashinza), and more.
The startup will use the funds to scale the team across manufacturing clusters in India and invest in its product and technology.
Founded in February 2022 by Neal Thakker, Magma is a global supply-first aggregator in the building materials industry with a mission to take small and micro manufacturers global.
The company’s product includes a factory app that helps partner factories by giving them more demand through its AI-based lead generation tool, access to global buyers, one-click procurement of cheaper and quality raw materials leading to better conversion and retention, and easy-to-use technology to standardise their factory floors.
Magma has already onboarded over 55 factories and is set to close its first quarter of business with an annualised GMV run rate of $3 million.
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