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Last week, “Promoty” announced the attraction of investments in the amount of 800 thousand euros with the aim of strengthening its position in the Baltic and Scandinavian markets, as well as expanding operations in other platforms such as “TikTok“a ‘Youtube”.
Within 28 hours, investors showed interest by investing more than 1.7 million euros, thus increasing the funding round to 1.2 million euros.
Additional attracted capital will be invested in technology improvement. “Our product development goal includes product development and adaptation to the mass market, as well as the integration of other popular social media platforms such as TikTok and Youtube,” said Alex Koha, CEO. “The additional investment will help us achieve these goals faster,” he adds.
The platform was founded at the end of 2017 and focuses on building relationships between brands and influencers. “We believe that the best collaborations come when brands find their true fans,” Koha explains.
The main leader in the financing round is Vijay Sharma, an experienced businessman, an angel investor, as well as a strategic investor in the previous round.
“He gave us a lot of good advice last year, as well as helping to ‘open the door’ to Asia,” says Koha.
The initial seed investment of “Promoty” in the amount of 65 thousand euros was invested by Kristjans Raude and Madis Mūrs, who are members of the Estonian Business Angels Network. In February 2020, Funderbeam attracted investments of 445 thousand euros on the Promoty platform.
The Estonian start-up company “Promoty” has created an influenza marketing platform with a focus on micro-influenza agents. To date, the platform has been used by more than 46,000 influencers and 34,000 companies in 8 countries, including Latvia. Promoty customers include brands such asWolt“, “Circle K“, “Orkla”, “Swedbank“, “SEB” u.c.
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