Magfi, a Turkish company that allows advertising on Telegram and Discord, has secured €1 million in a seed funding round. The investment is led by Eleven Ventures, with participation from Boğaziçi Ventures from Turkey and angel investors Zoran Arsovski from Bulgaria and Horia Manda from Romania. The startup intends to grow into the Brazilian market, the Recursive reports.

About Magfi

  • Launched in 2020, Magfi provides a platform for simultaneous advertising across Telegram and Discord communities using machine learning and artificial intelligence. Magfi Ads enables advertising and campaign launches in these groups, while Magfi Monitoring provides real-time insights into customer attitudes and trends. 

“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,” Mustafa Fikret Uğur, CEO and co-founder at Magfi, commented.

  • As of today, Magfi has posted over 1 million adverts across channels with thousands of subscribers on themes such as sports, finance, news, video gaming, and more. The site attracts 600,000 unique users per day, indicating its broad reach and effect. 

  • Magfi expanded its initial four-digit revenue by 25 times in just a year after receiving its pre-seed funding. Its wide clientele includes rapidly rising and multinational corporations such as major Turkish banks, global e-commerce organisations, and world-renowned advertising agencies.

Investment details

  • Eleven Ventures, a pre-seed and seed venture capital firm based in Sofia, Bulgaria, led the round. The VC specialises in South and Central Eastern Europe. From 2012, Eleven has invested in over 170 tech firms like Native Teams, BibeCoffee, LANGaware, and others.

“Advertising on decentralized chat-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,” says Svetozar Georgiev, a Partner of Eleven Ventures.

  • Additional investors included Boğaziçi Ventures from Turkey and angel investors Zoran Arsovski from Bulgaria and Horia Manda from Romania. Following the round, Svetozar Georgiev from Eleven Ventures will join Magfi's board to help supervise its business expansion.

“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,” Mustafa Fikret Uğur added.

Magfi plans to automate processes and expand operations beyond Turkey to Brazil, targeting 220 million people and 50% Telegram usage. The company aims to bring social media advertising effectiveness to chat-based communities.