Magfi, a pioneering SaaS platform that facilitates simultaneous advertising across Telegram and Discord communities using machine learning and AI technologies, has secured $1.1 million in Seed funding. The round was led by Eleven Ventures, a Bulgarian-based fund known for its investments in unicorns like Payhawk. Svetozar Georgiev from Eleven Ventures will join Magfi’s board, bringing valuable expertise to support the company’s growth.
Telegram and Discord, with nearly 1.5 billion monthly users, offer vast potential for targeted advertising within niche communities. Previously, group administrators had to manually seek out advertisers, while advertisers struggled to effectively reach these communities. Magfi’s platform simplifies the process, enabling advertisers to target relevant groups with interactive ads directly within the chat context. Group owners also benefit by effortlessly monetizing their communities, allowing them to focus on growth and quality.
Since its pre-seed investment, Magfi has shared over 1 million ads across channels, reaching 600,000 unique users daily. The platform’s customer base includes major banks in Turkey, global e-commerce firms, and renowned advertising agencies. Magfi has increased its revenue by 25 times within a year, showcasing its rapid growth and market impact.
With the new funding, Magfi plans to expand its team, fully automate its processes, and scale its operations beyond Turkey. Brazil, with a significant Telegram user base, is the next target market. Magfi also aims to integrate generative AI technologies to create tailored ad creatives for each community.
Svetozar Georgiev, Partner at Eleven Ventures, highlighted the unique opportunity in advertising on decentralized chat-based communities, describing it as a “Blue Ocean market.” He praised Magfi’s vision, understanding of the Web3 world, and commitment to product excellence.
Mustafa Fikret Uğur, CEO and co-founder of Magfi, emphasized the growing shift towards Web3-based messaging platforms like Telegram and Discord. He noted that Magfi is unlocking the potential of these platforms, enabling brands to reach previously inaccessible audiences and helping group owners monetize their content. With a young and dynamic team, Magfi is poised to solidify its position in the Turkish market and expand into Latin America, leveraging AI to enhance its advertising solutions.
