- Funding set to fuel product development and market expansion
- The company raised a previous investment round as recently as June
Get Industry News In Your Inbox…
Sign Up Today
Cyprus-based business intelligence and live ops platform Magify has received a €1 million ($1.1m) investment from Steam Power.
The funding will go towards product development, enhancing AI functionality and expanding Magify into new markets.
Magify is targetted at small and medium-sized studios, with the aim to democratise business intelligence and offering a pay-as-you-go model for use of the platform.
Its current services include tools for product, marketing, monetisation analytics, as well as user segmentation, live ops setup, A/B testing and more.
On a mission
Magify was founded in October 2023 by CEO Evgeniy Kurenkov, who started the firm after founding Cyprus-based games studio Epic Star Games and mobile app company Rocket Science.
In under a year, Magify’s team has expanded to over 30 employees encompassing developers, data engineers and configuration managers.
The company previously raised six figures in a funding round led by Narwhal in June.
“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 (pictured, main).
“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. We’re not just building a tool; we’re creating the backbone of the next generation of gaming.”
Steam Power Investments co-founder Andrei Yarantsau added: “Achieving success in gaming is hard, but maintaining it is even harder. The key to success lies in making informed decisions about your audience’s behaviour. Over the decade of developing our own games, we made many attempts to find ready-made game analytics, but we always ended up creating custom backend solutions.
“In Magify, we finally 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 will help them reduce costs and maximise efficiency.”
