Magfi funding news – SaaS Startup Magfi Raises $1.1Million in Seed Funding

Eleven Ventures, a Bulgarian fund well-known for its investments in unicorns like Payhawk, is leading the round. Eleven Ventures' Svetozar Georgiev will become a board member of Magfi, contributing significant experience to help the company flourish.

Nearly 1.5 billion people use Telegram and Discord each month; individuals tend to congregate together around particular issues. Group administrators had to actively seek out sponsors before Magfi in order to share advertising and make money. It was difficult for advertisers to reach this large user base and to efficiently and widely target their adverts.

With rich and interactive advertising that target the most relevant groups within the group chat context, Magfi's solution significantly streamlines the ad placement procedure. Group owners benefit greatly from the platform as well. They can now easily provide inventory and attract appropriate advertisers, freeing them up to concentrate on developing their community and raising the standard of their group.

Over a million advertisements have already been shared by Magfi on channels that have thousands of followers and cover specialized subjects like sports, finance, news, video gaming, and more. The platform's significant reach and effect are demonstrated by the 600,000 unique users it receives each day.

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After just a year of its pre-seed investment, Magfi has raised its four-digit initial sales by a factor of 25. Its broad clientele consists of rapidly expanding international businesses like well-known advertising agencies, international e-commerce platforms, and Turkey's largest banks.

Magfi intends to strengthen its personnel in order to pursue more aggressive expansion with this fresh funding. The company's goal is to completely automate all of its systems and procedures, including ad optimization, support, and onboarding. It is a top goal to extend its operations outside of Turkey, with Brazil—a country with 220 million people and 50% Telegram usage—being the next destination. With regard to chat-based communities, Magfi aims to provide the same degree of sophistication and efficacy as well-known social media advertising platforms.

Svetozar Georgiev, a Partner of Eleven Ventures, said, “Advertising on decentralized chaт-based communities is a Blue Ocean market, where Magfi has a head start. Unlike traditional social media, the dynamics here are somehow different, which is both a challenge and a great opportunity. The founders and the team impressed us with their vision, deep understanding of the Web3 world and strong passion for product excellence. They are relentless and we are excited to join them in this journey.”

Mustafa Fikret Uğur, CEO and co-founder at Magfi, said, “The world is shifting towards web3-based messaging, with Telegram and Discord leading the way as the pioneering platforms in this sector. There are over 1 billion monthly active users and enormous potential in the communities on these platforms, and at Magfi, we are unlocking that potential. Brands can now reach audiences they couldn't access before by targeting highly relevant ads through Magfi Ads in these platforms. Tens of thousands of group owners can also monetize the content they create. Our young and dynamic team, with an average age of 24, is developing this technology. With this investment, we will solidify our position in the Turkish market and begin operations in Latin America. We are also working on using generative AI technologies to create ad creatives tailored for each community."

About Magfi Ads

Magfi Ads is the first and only platform that enables you to simultaneously advertise to communities that are present on other platforms, such as Telegram, Discord, and WhatsApp (Beta).