Promoty, an Estonian marketplace connecting social influencers to retail brands, has closed a €1.2 million funding round to strengthen its market position and integrate other social platforms.
The company is planning to strengthen its position “in the newly expanded countries of Scandinavia and the Baltics and expand laterally to other platforms like TikTok and YouTube”, it said in a statement.
Established in late 2017, the influencer marketplace focuses on creating partnerships between brands and influencers, according to the company.
The main lead for the funding round was Vijay Sharma, an experienced entrepreneur, angel investor and also a strategic investor in the previous round.
Promoty’s initial seed investment, €65,000, was engaged from Kristjan Raude and Madis Müür, both members of Estonian Business Angels Network. In February 2020, the company raised a funding round of €445,000 on the Funderbeam platform.
So far, the company’s platform has been used by over 46,000 influencers and 3,400 marketers in eight markets. The present customer portfolio includes Wolt, Circle K, Orkla, Swedbank, SEB, Halva and others, according to the company.
Cover: Promoty’s team. Photo by Kristel Pähkel.
