Magfi, which facilitates simultaneous advertising on the Telegram and Discord platforms, received $1.1 million in a seed round led by Bulgaria-based Eleven Ventures. Angel investors such as Boğaziçi Ventures from Turkey, Zoran Arsovski from Bulgaria and Horia Manda from Romania also participated in this round.
In addition to the investment, Eleven Ventures representative Svetozar Georgiev joined the startup's board of directors to support Magfi's development.
With the new investment, Magfi aims to achieve more aggressive growth, expand its team and fully automate all its processes and systems, from recruitment to ad optimization. The company also plans to enter the global market in the near future and has identified Brazil as its next target market with a population of 220 million and a 50% Telegram usage rate.
Magfi aims to bring advanced and effective advertising to chat-based communities on Telegram and Discord at the level offered by popular social media advertising platforms. My approach greatly simplifies the process of placing ads in such communities through the solution it provides, ensuring that advertisers automatically reach the most relevant groups. The startup not only adds value to brands, but also creates a new source of income for community owners. Group owners can automatically accept ads to their community, earning revenue per view and click on each ad. This gives admins time and resources to produce better content for their groups.
The startup has so far shared more than 1 million ads in thousands of communities with millions of subscribers, built around niche topics such as sports, finance, news, video games and many others.
