Multi-billion dollar startup Magic Leap just reloaded with $416 million in additional funding
Magic Leap said it was part of the company's Series D round of fundraising. Combined with an earlier announcement of a $502 million round led by Singapore's Temasek, the company's Series D now totals $963 million.
Magic Leap has now raised over $2.3 billion dollars to date to develop its smartglasses, called Magic Leap One. It said in December that it will release an early version for creators this year.
A Magic Leap representative declined to comment on what the valuation the investment was made at or whether any of the new investors would be joining the company's board of directors. Bloomberg previously reported that the previous investment in the Series D valued the company at about $6 billion.
Here's the entire press release:
Magic Leap Announces $461 Million in Second Closing of Series D Funding
Plantation, Florida - March 7, 2018 - Magic Leap, Inc. ("Magic Leap") announced today that it has raised an additional $461 million in Series D equity funding with $400 million contributed by The Public Investment Fund (PIF), the Kingdom of Saudi Arabia's sovereign investment arm, and the balance from selected new investors. This second closing brings the total Series D funding to $963 million.
"The Magic Leap team and I are happy to welcome The Public Investment Fund and the other new investors to the Magic Leap family. We look forward to having them join us on our journey to build an amazing future," said Rony Abovitz, Founder, President and CEO of Magic Leap.
Allen & Company LLC served as exclusive financial advisor to Magic Leap in connection with the transaction.