MAGIC AI Raises $11M Series B, Zanda Client on the Rise

Congratulations to MAGIC AI on closing its $11 million Series B round, announced in late September! Beringea and existing investor IW Capital co-led the round, joined by PXN Group, Accelerate Ventures, Ventures Together and Active Partners. This Series B raise now brings the London-based HealthTech company's total funding since inception to $20 million.

MAGIC AI makes the MAGIC AI Mirror, an at-home smart mirror that watches how you move and coaches you through workouts in real time, using computer vision and holographic trainers. Its ReflectAI® technology has now guided more than 500,000 workouts across over 1,000 exercises! With over 18,000 members across the UK and all 50 US states, MAGIC AI has grown rapidly, at 342% annually. The company now ranks No. 4 in the Financial Times’ Britain’s Fastest-Growing Companies 2026, a jump from No. 21 on the FT1000 list of Europe’s fastest-growing companies in March. 

The new funding will go towards growing MAGIC AI’s presence in the US, with Co-Founder and CEO Varun Bhanot expecting the US to overtake the UK as its main market by next year. It will also help towards deepening the data behind ReflectAI® so the coaching gets more personal the longer someone uses it. Zanda was actually brought in to support the finance function with it's US launch, specifically with finding a Financial Controller with experience across the UK and US. Zanda partnered with Ankush Bhatia, Fractional CFO at MAGIC AI, to source an FC who could streamline the finance function’s controls, reporting and automation.

“[REAL QUOTE FROM ANKUSH],” said Ankush Bhatia, Fractional CFO at MAGIC AI.

Zanda is proud to have supported MAGIC AI through this stage of growth, and we wish them all the best for the exciting journey ahead. Congratulations to Varun, Ankush and the wider MAGIC AI team on this milestone.