London-based Magic ID secures €350K in a pre-seed round funding. SFC Capital and Presto Ventures led the investment. SFC Capital contributed €175K to the round, Presto Ventures contributed €120K, and unknown angel investors contributed €55K.
Milan Lupac, Partner at Presto Ventures says, “At Presto, we’re always excited to back startups that create solutions we would love to use ourselves – and Magic is no exception. I personally remember a number of instances when I did not have my passport or some other information on me, which prevented me from completing a KYC process. With Magic, there would be no such issue. We believe the need for reusable identity will only grow as more and more businesses require verification. Even services where anonymity has been the default for a long time, such as social networks, are slowly gravitating towards verifying the majority of their users.”
Magic ID offers benefits to users while streamlining the Know Your Customer (KYC) procedure for businesses. The startup plans on using the money to launch its Magic ID product suite in the UK and EU markets. The company already has two Enterprise Proof of Concepts in the financial services and telecommunications sectors, and four Beta testers in the UK.
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The funds will also go towards expanding the team and continue research and development to enhance their in-house decentralised identity infrastructure.
Co-founder Mandaltsis says, “In Presto Ventures, we saw a partner that shares our conviction about an inclusive, privacy-first future. This pre-seed funding round is more than a capital injection for our company, it is a strategic partnership among pioneers who want to build the next iteration of digital identity.”
The founding team met at the Y Combinator Startup School and had a varied history in significant enterprise technology leadership and scaleup experience. The CEO of Magic ID, Thanasis Mandaltsis, touts seven years of expertise running startups.
About Magic ID
In 2023, Magic ID was established by Thanasis Mandaltsis and Aariffa Hajamaideen as a digital recognition helper that connects companies and people looking to build mutual trust without needing prior knowledge.
Magic ID is an identity network that conforms with GDPR and is intended to make it easier for companies to exchange identity verification credentials while upholding data protection laws.