Influencer marketing platform to retail brand connection facilitator Promoty has raised €1.2 million in an oversubscribed round. The Tallinn-based startup initially sought to raise €800,000, but 28 hours later the round was increased to €1,2 million based on investor interest.
This round was fueled through crowdfunding via the Funderbeam platform. The round was led by Vijay Sharma along with Pierre-Louis Raust and Ernesto Suarez. previous seed investors Kristjan Raude and Madis Müür also participated.
The new capital is expected to be put towards strengthening Promoty’s new market entries in Scandinavia, the Baltics and the Netherlands, as well as expand into major influencer territory including TikTok and YouTube.
Established in October of 2017, Promoty focuses on creating partnerships directly between brands and influencers, thus cutting out the often expensive and time-consuming agency middleman.
“Promoty enables doing influencer marketing in-house,” says Andres Paomees, Communication Manager of Solaris. “We are using influencers in almost every campaign.”
Vijay Sharma, main lead for this funding round comments, "The rise of the influencer is something marketers cannot ignore.”
“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."
Lead Image: Kristel Pähkel