Founded in 2020, Magical initially honed in on messaging, but eventually broadened its focus to transferring data across websites, databases, sheets, and forms. This week, the company announced it had raised $35M in Series A funding. Following $6 million seed funding backed by Greylock and Bain, the round was led by Coatue with support from existing investors at Greylock and Bain, Lightspeed, SV Angel, Blank Ventures, Box Group and others. Magical plans to put a portion of the money from the Series A toward expanding its platform beyond Chrome and growing its 18-person workforce to 35 by the end of the year. Support for more desktop and mobile browsers is in the works. Let’s learn a few details about the startup.
The startup’s team positions Magical as an RPA platform. Typing in a custom abbreviation (e.g., “@name,” “@email”) prompts Magical to insert snippets of text (e.g., “Alex,” “[email protected]”) such as words, emojis, phrases, paragraphs, blocks of code or templates. The software — which only supports Chrome for now — detects and “remembers” elements on webpages, enabling the personalization of shortcuts, and auto-population in sheets and forms.
Through primarily word of mouth, over 10,000 businesses including Salesforce, Uber, Disney, and Facebook rely on this Chrome extension today. It has 450,000+ users who have filled over one billion fields since the inception. At the moment, Magical doesn’t charge for its services. But the goal is to introduce paid plans with premium features in the future.
“We invested in Magical because it offers a simple, easy solution that can automate mundane tasks for literally anyone. Coatue believes the value of the product is clear, as adoption climbs and daily active usage signals just how beneficial Magical is to team workflows. With the introduction of Magical’s more advanced features geared toward automation, we believe the company will play a foundational role in the future of how we do work.”Andy Chen, Coatue