The wire

Articles, interviews, case studies announcements and more.
Welcome to The Wire.

news

Press release: Promoty, an influencer marketing platform, raises €1,2 million on Funderbeam

Promoty, a marketplace connecting social influencers to retail brands, has closed a €1,2 million funding round to strengthen their market position and integrate other social platforms.

This week, Promoty announced raising a round of €800,000 with the goals of strengthening their position in the newly expanded countries of Scandinavian and Baltics and expand laterally to other platforms like TikTok and Youtube. 

Within 28 hours, investors indicated their interest worth over €1,7M and due to the overwhelming support, the funding round size was increased to €1.2M. “We’re humbled and happy for the big interest in our current funding round,” says Aleks Koha, CEO and Co-founder of the company.

The extra capital raised will be invested in technology development. “Our product development goals include polishing the product for mainstream mass adoption and adding integrations with other popular social media platforms like TikTok and Youtube,” Koha says. “The extra capital will help us to reach those goals faster.”

Established in late 2017, the influencer marketplace focuses on creating authentic partnerships between brands and influencers. “We strongly believe that the best collaborations are born when the brand finds influencers who are already their fans,” Koha explains.

According to their customers, Promoty has completely changed how influencer marketing is done. “Promoty enables doing influencer marketing in-house,” says Andres Paomees, Communication Manager of Solaris. “Previously, we always had to use an agency which made the whole process costly, both time- and money-wise. Now we are using influencers in almost every campaign.”

The main lead for this funding round was Vijay Sharma, an experienced entrepreneur, angel investor and also a strategic investor in the previous round. “The rise of the influencer is something marketers cannot ignore,” Sharma says. “Promoty provides the toolkit to leverage this phenomenon. The strategy to focus on the “long tail” of micro-influencers coupled with solid execution and achieving targets is a combination one simply cannot ignore.”

“He has given us a lot of good input in the past year,” says Koha. “Also, he has already helped open some doors for us in Asia that may lead to something interesting.”

Promoty’s initial seed investment €65k was engaged from Kristjan Raude and Madis Müür, both members of Estonian Business Angels Network (EstBAN). In February 2020, Promoty raised a funding round of €445,000 on the Funderbeam platform.

An Estonian-based startup Promoty has created an influencer marketing platform, focusing on micro-influencers. So far, the platform has been used by over 46,000 influencers and 3,400 marketers on eight markets. The present customer portfolio includes Wolt, Circle K, Orkla, Swedbank, SEB, Halva and many others.

Read Next
The information about the investment opportunities profiled on this website is provided for general information and marketing purposes only and should not be considered an invitation or inducement to engage in any investment activity. Complete and comprehensive information about an investment opportunity is only available only to investors who have been approved by a Funderbeam group entity.

You should ensure you carefully read the Risk Disclosure Statement before deciding to proceed with any investment or transaction, including making a purchase of securities via the Marketplace. Funderbeam has taken steps to ensure that company and campaign information is clear, fair and not misleading in accordance with its internal verification procedures. Funderbeam does not provide investment advice or any recommendation to invest. Any investment opportunity on this website should not be considered as an offer to the public and is not directed at or offered to anyone to whom it may not be so directed or offered, or located in a jurisdiction where it is unlawful to do so.

This page provides you with an overview of the services provided by different entities belonging to Funderbeam Group. In this page, we generally refer to the group as “Funderbeam”, “we”, “us” or “our”. It is important to note that funds are raised, investments made and trade orders placed through Funderbeam Markets Limited (authorised and regulated by the UK Financial Conduct Authority under FRN 794918) or Funderbeam Markets Pte Ltd (licensed and regulated by the Monetary Authority of Singapore under Capital Markets Services (CMS) license CMS100863) and Funderbeam Markets AS (authorised and regulated by the Estonian Financial Supervision Authority under permit 4.1-1/212).

With respect to any securities or investments offered by a US domiciled Fundraising Company, by visiting this site you confirm you are not a US resident or US person (as defined in Regulation S of the U.S. Securities Act of 1933) and you understand and agree that you are not acquiring any Investments for the account or benefit of any such US resident or US person. No investment opportunity in a US domiciled Fundraising Company is directed at US persons.