Magfi Secures $1.1 Million to Grow Its Adtech Platform and Expand Globally

Magfi, a startup specializing in advertising technology, has secured $1.1 million in funding, led by Eleven Ventures. Other participants in the investment round include Boğaziçi Ventures and angel investors Zoran Arsovski and Horia Manda. Svetozar Georgiev from Eleven Ventures has also joined Magfi’s board of directors.

Magfi, which was selected for the 12th cohort of the Workup Entrepreneurship Program, has previously gained recognition at the 2020 YFYİ Demo Day, where it was among 19 showcased startups. Founded in 2021 by Mustafa Fikret Uğur, the founding team quickly expanded to include Deniz Duran, Atakan Kocaayan, Kadir Gölcük, and Okan Özbay. Recently, Serhat Atayeter, a former Google employee, also joined the team, bringing valuable expertise.

Magfi’s core offering simplifies the process of placing advertisements within Telegram and Discord groups. Through its platform, advertisers can target the most relevant groups with interactive ads, all while staying within the chat context. Group owners, in turn, can monetize their audience by offering ad space to relevant advertisers. Telegram and Discord combined have a user base of about 1.5 billion people per month. Magfi’s suite of products includes Magfi Monitoring, Magfi Pro, and Magfi MarketPlace.

According to the company, it has already delivered over 1 million ads to channels with thousands of subscribers, covering verticals like sports, finance, news, and gaming. Magfi’s platform reaches 600,000 unique users daily, and within a year of securing pre-seed funding, the company increased its initial four-figure revenue by 25 times. Brands like Akbank, Vestel, Coindesk, and Huawei are among Magfi Ads’ clients.

With the new funding, Magfi aims to expand its team and fully automate processes such as hiring, support, and ad optimization. Additionally, the company plans to extend its operations beyond Turkey, with a particular focus on the Brazilian market, which boasts a potential audience of 220 million.

Source: Tuğçe İçözü / Webrazzi