Temasek, EDBI, lead US$502m investment round for AR startup Magic Leap

Magic Leap has raised US$502 million in Series D equity funding led by Singapore’s Temasek Holdings. Other investors include EDBI – the investment arm of the Singapore Economic Development Board, Grupo Globo from Brazil, and Janus Henderson Investors. Temasek to declined to comment further on the investment.

Meanwhile, existing investors include Alibaba Group, Fidelity Management and Research Company, Google LLC, J.P. Morgan Investment Management, and T. Rowe Price, according to a press statement confirming the move.

According to Bloomberg, this brings the total funding for Magic Leap to more than US$1.8 billion. Meanwhile, Allen & Company LLC served as the exclusive financial advisor to Magic Leap in connection with the transaction.

Reports of Temasek’s involvement first surfaced in September. This followed an earlier Bloomberg report which said Temasek was considering its participation in the funding round which was yet to be closed at the time. This was expected to value Magic Leap at around US$6 billion.

“We’re excited to welcome Temasek and the other new investors in this round to the Magic Leap family. We also greatly appreciate the strong support and partnership from our existing shareholders,” Rony Abovitz, founder, president and CEO of Magic Leap, said in a press statement.

Last year, the company hired Brenda Freeman as its chief marketing officer, reporting to Abovitz. Prior to the move, Freeman was CMO at the National Geographic Channel, and has held senior marketing roles at DreamWorks Animation, Turner Broadcasting, Viacom/MTV, and Pepsico.