When was Magnit founded?

Magnit was founded in 1991 and raised its 1st funding round 30 years after it was founded.

Where is Magnit located?

Magnit is headquartered in Folsom, United States. It is registered at BOOTHS PARK 1,CHELFORD ROAD,KNUTSFORD,CHESHIRE,UNITED KINGDOM,WA16 8GS.

Who is the current CEO of Magnit?

Andrew Schultz, Kevin Akeroyd and Andy Schultz s of Magnit.

How many employees does Magnit have?

As of Apr 30, 2026, the latest employee count at Magnit is 3876.

Is Magnit a funded company?

Magnit is a funded company, having raised an undisclosed amount across 2 funding rounds to date. The company's 1st funding round was a $***** Conventional Debt round, raised on Nov 03, 2021.

When was the latest funding round of Magnit?

Magnit's latest funding was a $***** Conventional Debt round on Dec 21, 2021, with participation from 1 investor.

What is the annual revenue of Magnit?

Annual revenue of Magnit is between £1M and £10M as on Dec 31, 2021

Where does Magnit rank among its competitors?

Magnit ranks 19th amongst 685 active competitors, of which 83 are funded. It stands 11th in terms of total funding among its competitors. The most recent competitor to raise funding was LASSO, which secured $1.25M in Mar, 2025.

Who are the top competitors of Magnit?

Magnit's top competitors include Beeline, Legion and Deputy. Among them, LASSO secured the most recent funding round in March, 2025.

Magnit - 2026 Company Profile, Team, Funding, Competitors & Financials

Company Details

Provider of workforce management solutions, including MSP, VMS, and direct sourcing. The company offers services such as employer of record, services procurement, and pay intelligence. It delivers strategic advisory, shift-based workforce management, and diversity, equity, and inclusion solutions. The company also provides a platform with integrations and supplier network resources.

Website: magnitglobal.com
Social
Phone Number: +49 **********
Registered Address: BOOTHS PARK 1,CHELFORD ROAD,KNUTSFORD,CHESHIRE,UNITED KINGDOM,WA16 8GS

Key Metrics

Founded Year

1991

Location

Folsom, United States

Stage

Funding Raised

Latest Funding Round

Conventional Debt, Dec 21, 2021, $*****

Investors

Thecarlylegroup.fr & 8 more

Ranked

19^th among 685 active competitors

Annual Revenue

£1M - £10M as on Dec 31, 2021

Employee Count

3,876 as on Apr 30, 2026

Similar Companies

Beeline & 881 more

View Magnit's full profile

Magnit is associated with 2 legal entities given below:

Legal Entity Name	Date of Incorporation	Revenue	Latest Employee Count	Documents
MAGNIT GLOBAL UK WFQ LIMITED CIN: 5846406 , United Kingdom, Active	Jun 13, 2006	£1M - £10M (As on Dec 31, 2021)	15 (As on Dec 31, 2021)
MAGNIT GLOBAL INDIA PRIVATE LIMITED CIN: U93000KA2012FTC063052 , India, Active	Mar 15, 2012	₹500 - ₹1,000 Cr (As on Mar 31, 2025)	-

Magnit has raised funding over 2 rounds. Its first funding round was on Nov 03, 2021. Its latest funding round was a Conventional Debt round on Dec 21, 2021 for $*****. 1 investor participated in its latest round. Magnit has 9 institutional investors.

Here is the list of recent funding rounds of Magnit:

Date of Funding	Funding Amount	Round Name	Post-Money Valuation	Revenue Multiple	Lead Investors	Other Investors
Dec 21, 2021	1902465	Conventional Debt	5858339	2331184	2199625	3893782
Nov 03, 2021	6421841	Conventional Debt	3839015	8261512	4129303	1591608

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View details of Magnit's funding rounds and investors

The founders of Magnit is Andrew Schultz. Andy Schultz and Kevin Akeroyd are the CEOs of Magnit.

Here are the details of Magnit's key team members:

Andrew Schultz: Co-Founder & CEO of Magnit and founder of 1 other company.
Kevin Akeroyd: CEO of Magnit.
Contact Info: 1 email address
Andy Schultz: CEO of Magnit.

View details of Magnit's Founder profiles and Board Members

Magnit's employee count trend

Magnit has 3,876 employees as of Apr 26. Here is Magnit's employee count trend over the years:

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Top competitors of Magnit include Beeline, Legion and Deputy. Here is the list of Top 10 competitors of Magnit, ranked by Tracxn score:

Rank	Company Details	Short Description	Total Funding	Investors	Tracxn Score
1st	Beeline 1999, Jacksonville (United States), Acquired	Provider of extended workforce management platform and related solutions	$45M	Stone Point Capital, Churchill Asset Management ... & 1 others	77/100
2nd	Legion 2016, San Francisco (United States), Series C	AI-based workforce management software solution	$195M	Riverwood Capital, Workday Ventures & 10 others	76/100
3rd	Deputy 2008, Atlanta (United States), Series B	Provider of workforce management platform for scheduling, HR, and compliance	$143M	OpenView, IVP & 4 others	71/100
4th	Yoobic 2014, New York City (United States), Series C	Frontline employee experience platform for managing operational tasks	$97.2M	Insight Partners, Highland Europe & 3 others	70/100
5th	WorkForce Software 1999, Livonia (United States), Acquired	Provider of suite solutions for contingent workforce management	$188M	Insight Partners, Turmeric Capital & 4 others	70/100
6th	Assembled San Francisco (United States), Series B	Developer of workforce management portal	$70.7M	New Enterprise Associates, Stripe & 9 others	69/100
7th	Shiftsmart 2015, New York City (United States), Series B	Application based platform offering employee scheduling solution	$117M	D1 Capital Partners, SoftBank Capital & 6 others	66/100
8th	Work Market 2010, New York City (United States), Acquired	freelance management and payment solution	$66M	Union Square Ventures, Spark Capital & 7 others	66/100
9th	Nowsta 2015, Brooklyn (United States), Series C	Web based Mobile workforce management software	$93M	VMG Partners, GreatPoint Ventures & 11 others	64/100
10th	LASSO 2013, Nashville (United States), Series B	Cloud-based platform for contingent workforce management	$23.3M	McCarthy Capital, AIM Group & 1 others	64/100
19th	Magnit 1991, Folsom (United States), Funding Raised	Provider of workforce management solutions, including MSP, VMS, and direct sourcing	-	Thecarlylegroup.fr, Harvest Partners & 7 others	59/100