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Magic Leap Working on $400 Million Extension of Last Year's Series D Round Funding, Report Says

Feb 26, 2018 06:32 PM

As the Notorious B.I.G. once said, via his hit single, "Mo Money, Mo Problems." However, it would appear that Magic Leap feels a bit differently about piling on the cash.

Magic Leap is currently in the midst of closing another funding deal, this time from Saudi Arabia's Public Investment Fund (PIF) to the tune of $400 million, according the Financial Times. The funding would actually be an extension of the $503 million Series D round that Magic Leap closed last year.

Once official, Magic Leap's total funds raised meter would hit $2.3 billion. More recently, the company received an undisclosed sum from European media company Axel Springer.

Magic Leap has astounded observers over the years with its ability to convince investors to fork over funding despite not having an actual product on the market. But in recent weeks, the company has begun singing a different tune, as it has pledged to deliver the Magic Leap One: Creator Edition this year.

All signs point to Magic Leap making good on that promise, as the company has cemented content deals with the NBA, Weta Workshop, rock band Sigur Ros, and Made Fire. And, adding to the sense of imminent product release, Magic Leap has also revealed that it's searching for a retail design leader.

Now let's just see if all that cash will result in a release date for a product sometime "before" the very end of the year.