Magfi, a SaaS platform that leverages machine learning and AI to streamline advertising across Telegram and Discord, has secured $1.1 million in Seed funding. The round was led by Eleven Ventures, a Bulgarian-based fund known for backing unicorns like Payhawk. As part of the deal, Svetozar Georgiev, a Partner at Eleven Ventures, will join Magfi’s board, bringing his extensive expertise to the rapidly growing company.
A Game-Changer In Chat-Based Advertising
With Telegram and Discord boasting nearly 1.5 billion monthly users, the potential for targeted advertising is immense. However, before Magfi, group administrators had to manually seek out advertisers, a labor-intensive process that limited revenue opportunities. Advertisers, on the other hand, struggled to access these vast, decentralized user bases effectively.
Magfi has changed the game. Its platform simplifies the ad placement process, enabling advertisers to target the most relevant groups with interactive, rich media ads. Group owners can now effortlessly connect with relevant advertisers, freeing them to focus on community growth and content quality. Magfi’s impact is already evident: the platform has delivered over 1 million ads across channels, reaching 600,000 unique users daily in niche sectors such as Sports, Finance, News, and Video Gaming.
Explosive Growth and Future Plans
In just a year since its pre-seed investment, Magfi has seen its initial revenue grow by 25 times. The platform’s diverse customer base includes major banks in Turkey, global e-commerce firms, and top-tier advertising agencies. With this new funding, Magfi plans to expand aggressively, particularly by automating its processes—from onboarding to ad optimization—and by scaling operations beyond Turkey.
Brazil is the next big target. With a population of 220 million and a 50% Telegram usage rate, the country represents a significant growth opportunity for Magfi. The company aims to bring the sophistication and effectiveness of social media advertising to the world of chat-based communities, tapping into a largely untapped market.
Industry Leaders Weigh In
Svetozar Georgiev of Eleven Ventures highlighted the unique opportunity Magfi has identified. “Advertising on decentralized chat-based communities is a Blue Ocean market, where Magfi has a head start. The founders have a deep understanding of the Web3 world and a strong passion for product excellence. We’re thrilled to support them in this journey.”
Mustafa Fikret Uğur, CEO and co-founder of Magfi, emphasized the platform’s mission: “The world is shifting towards Web3-based messaging, with Telegram and Discord leading the way. At Magfi, we are unlocking the potential of these communities. With this investment, we will solidify our position in the Turkish market and begin operations in Latin America. We’re also working on integrating generative AI technologies to create tailored ad creatives for each community.”
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As Magfi continues to expand, it is poised to become a dominant player in the advertising space for decentralized, chat-based communities, bringing brands closer to audiences that were previously out of reach.
