Turkish startup Magfi backed up with $1.1M by Eleven Ventures
The Turkish tech startup Magfi has raised $1.1 million in its seed investment round. The round is led by the Bulgarian VC Eleven Ventures with participation from Boğaziçi Ventures from Turkey, and angel investors Zoran Arsovski from Bulgaria and Horia Manda from Romania. Magfi is a pioneer in enabling simultaneous advertising across Telegram and Discord communities through machine learning and AI technologies. With this new investment, the team plans to expand its team for more aggressive growth.
“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.
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Magfi analyzes public groups on Telegram and Discord, labeling them by extracting parameters such as audience, view, and click predictions. With an ad panel similar to Google Ads and Meta Ads, it enables brands and businesses to advertise in these groups with their desired budget using micro-targeting. Group admins earn a share of revenue from ads shared within their groups. Currently, Magfi can deliver over 600,000 unique views daily and share ads in thousands of groups across Turkey. Founded in 2021 by Mustafa Fikret Uğur, the founding team also attracted experts who brought valuable experience from Google.
As of today, Magfi has already shared over 1 million ads across channels with thousands of subscribers covering niche topics like Sports, Finance, News, Video Gaming, and more. The platform reaches 600,000 unique users daily, demonstrating its significant reach and impact. Within just a year following its pre-seed investment, Magfi has increased its initial revenue of 4 digits by 25 times. Its diverse customer base includes fast-growing and multinational companies such as major banks in Turkey, global e-commerce firms, and world-renowned advertising agencies.
“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 on 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,” says Mustafa Fikret Uğur, CEO and co-founder at Magfi.
In the future, the company aims to fully automate its processes and systems, from onboarding, to support to ad optimization. Expanding its operations beyond Turkey is a priority, with Brazil, a market of 220 million people and 50% Telegram usage, being the next target. Magfi seeks to bring the same level of sophistication and effectiveness of popular social media advertising platforms to the world of chat-based communities.
