Building Materials Enablement Platform Magma Raises $515K Led by WEH Ventures
Summary
Cross border B2B manufacturing and supply chain enablement platform for building materials Magma has raised pre-seed funding of $515k funding 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. Magma has already onboarded over 55 factories and is set to close its first quarter of business with an annualized GMV run rate of 3 million dollars.Magma was founded in Feb 2022 by Neal Thakker, a recent graduate with a background in the building materials industry having previously worked at MSI surfaces and AGL Tiles.said, The SME manufacturing ecosystem serves as the daily breadwinner for our global economy, yet continues to struggle due to no bandwidth in technology, operations and capacity utilization. As a sourcing manager and merchant exporter myself, I have spent considerable time with these factories and seen the first hand reality of their aspirations to sell their products all over the world. We understand that each industry within the SME manufacturing sector is unique and the key is to find the strong wedge to keep the supply-side engaged and happy. On that note, Neal has been one of the most agile founders we have ever met; every week he not only brings new insights to the table on what the industry needs but he also turns those ideas into a product and deploys it incredibly quickly.The global building materials market is poised to hit a $1T market by 2026, with SMEs aiming for a $200B mark.