Magma to raise SEK 52 million from angel investors in Sweden.

Magma, a Stockholm, Sweden-based startup providing education services via a math mobile app, announced completing an equity funding round closed at SEK 52 million ($5.1M).

The money was raised locally from Sweden, from angel investors including Fredrik Österberg (via Fros Ventures), Per Emanuelsson, Kim Olsson and William Olsson. The company says the deal values the company at SEK 230 million ($23M).

Proceeds will be used for hiring more people and stregthen the newly opened New York office.

Magma, founded as Matteappen in 2015 by Henrik Appert and Arvid Gilljam, developed a mobile app that faclitates math-based education lessons via a software tool that interprets and correct math problems. The company says it's signed more than 200,000 student licenses and has agreements with over 60 Swedish municipalities, producing sales of SEK 6 million ($600k) in 2021.

Magma previously announced raising $2 million back in 2021.