Xanada Investments backs AI-powered gamification platform Promofy
Vladimir Malakchi-led VC sanctions first investment in the shape of Georgian supplier with plans to expand into the rest of Europe
Xanada Investments has made its first capital deployment after backing code-free gamification platform Promofy.
The VC, which was established by former Evoplay exec Vladimir Malakchi earlier this month, will support the AI-powered platform via its undisclosed investment.
Malakchi previously told EGR that his fund would aim to build investments up to $2m in each instance.
The capital, in this case, is set to be used to expand Promofy into more European markets.
Promofy deploys AI to deliver gamification solutions across online casinos and sportsbooks in as little as 30 minutes, according to the firm.
The tool has already been tested across the Georgian market during Euro 2024, including offering free games while customers wait for the result of their bets.
Malakchi said this had already “significantly increase[ed] the retention on the sportsbook pages and create[ed] a foundation for their conversion into casino players”.
Promofy was co-founded last year by CEO Irakli Darashvilli, chief technology officer Misho Janiashvili and chief product officer Vakho Mdivani.
The firm is based in the Georgian capital of Tbilisi.
Malakchi said: “Investing in Promofy is not just a wise choice, it’s a strategic move to support a game changer in the igaming sector.
“We see AI-driven gamification as a major force in evolving player analytics and engagement, particularly in sportsbooks, where Promofy’s offerings provide a genuine business advantage in today’s market.
“We’re confident that our experience in business scaling, as well as our global partnership network, will advance Promofy and help them establish themselves as a trusted partner in the industry’s gamification.”
Darashvilli added: “Promofy is levelling up, and with the power-up from Xanada Investments, we’re set for game-changing growth in the near future.
“This investment is our ultimate combo move, fuelling our AI-enhanced technology and boosting our market reach with innovative gamification strategies.”