Presto Ventures joins €350k pre-seed round for Magic ID
Prague-based VC firm Presto Ventures, along with SFC Capital and angel investors, have joined a €350,000 pre-seed funding round for Magic ID. It provides a digital identity assistant that connects businesses and people who want to trust each other without the need for knowing one another. The startup shared the news to AIN.Capital.
- Founded in 2023 by Thanasis Mandaltsis and Aariffa Hajamaideen, Magic is a London-based GDPR-compliant identity network that allows organizations to exchange identity verification credentials among them while remaining fully compliant with data protection regulations.
- The Magic Network comprises three key components: AI-powered identity verification tools, digital IDs compliant with the highest security and privacy standards, as well as a privacy-first marketing suite. The Network safeguards the information flow using cryptographic techniques, so no identity data is exposed until a transaction is completed.
“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 didn’t 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,”Milan Lupac, Partner at Presto Ventures, comments.
Who are the investors?
- Presto is one of the investors this round. It is a Prague-based VC firm investing in fast growing tech startup across the broader CEE region. We focus on early-stage B2B software startups and online marketplaces and has a portfolio of over 50 companies.
- SFC Capital is the other prominent investor. It is a leading early-stage investment firm providing capital and support to British startups. Apart from the funds, the startup managed to get funding from several angel investors.