Magify raises €1m in funding
The Cyprus-based company will use investment to support product development and global expansion
Analytics and live ops firm Magify has obtained €1 million in funding led by Steam Power Investments.
As Pocket Gamer reports, the money raised will support product development, particularly in utilising AI and expanding to global markets across the games industry.
Founded in October 2023, Magify provides features to studios including data analytics, monetisation and live ops configuration, A/B testing, and segmentation.
"We want studios of all sizes to have equal opportunities to compete because, ultimately, we want more great games to thrive and succeed," said Magify founder and CEO Evgeny Kurenkov.
"With this investment, we'll enhance our platform to deliver even more advanced analytics, user segmentation, and monetisation tools. This will accelerate our expansion into global markets, allowing us to support a broader spectrum of game studios, from indie developers to industry giants."
Steam Power Investments co-founded Andrei Yarantsau added: "In Magify, we found an external tool that not only meets our requirements but far exceeds them.
"We see great opportunities for cooperation between our current and future portfolio companies that develop games and Magify, which help them reduce and maximise efficiency."
In June 2024 Magify received an undisclosed sum from Narwhal Accelerator, launched by veterans from Xsolla and MyGames Venture Capital.