Magic Lane, an Amsterdam, Netherlands-based maps, location, and navigation platform for developers, has raised €3 million in funding.
Investors
The round was led by No Such Ventures.
Founded in 2018, No Such Ventures is a venture capital firm focusing on innovative companies. Based in Amsterdam, Netherlands, the firm prefers to invest in the technology and energy sectors.
Magic Lane Use of Funds
The investment will fuel Magic Lane's expansion in Europe and Asia, strengthening commercial operations, marketing initiatives, and partnerships. Additionally, it will enable the enhancement of safety, accessibility, and efficiency in urban environments, starting with the micro-mobility market.
About Magic Lane
Founded in 2022, Magic Lane is a provider of mapping, location, and navigation technology and location platforms with a focus on (electric) micro-mobility and specialized vehicles. The company offers Software Development Kits (SDKs) that empower companies to embed mapping, location, and navigation functionalities into vehicles, apps, and online platforms. Its solutions, known for minimal hardware requirements and offline capabilities, cater to electric bikes, scooters, fleet management, ride-hailing, and sharing platforms.
Funding Details
Company: Magic Lane B.V.
Raised: €3.0M
Round: Seed Round
Funding Month: May 2024
Lead Investors: No Such Ventures
Additional Investors:
Company Website: https://www.magiclane.com/
Software Category: Maps, Location, and Navigation
Source: https://www.magiclane.com/web/magic-lane-and-no-such-ventures/