Finnish startup with Ukrainian roots PromoRepublic closed this month 400,000 euros investment round.
Earlier this year, the company tried to also raise capital on Invesdor, but failed to reach its minimal target. In December 2015, PromoRepublic received 100,000 euros from Finnish investor Pekka Koskinen, the Vendep fund and Tekes. This month, 400,000 euros investment came from the same investors, plus Finnish business angel Sampo Parkkinen and Ukrainian VC Digital Future.
PromoRepublic, who has been participating in Startup Sauna, is a SaaS that helps freelance marketers to create content for social networks. The new investment will be used for promotion in the US market, says Max Pecherskyi – PromoRepublic co-founder. “The segment of software for freelancers in the United States is growing at a rate of 40% per year, and there is plenty of space for new companies on this market. Just after the launch we’ve got more than hundred paying customers from America,” explains Percherskyi.
Founded in Kyiv in 2013, PromoRepublic has been present in Western Europe and gained support from large European investors. The startup is planning to integrate with large marketing services and other marketing platforms that are already in use in the United States. In addition to that, PromoRepublic plans to sell its service through partnerships with American companies.
“We have tested more than 25 different marketing channels in the US, and concluded that cooperation with affiliated networks, niche media and bloggers works in the best way. Thanks to them, we are rapidly increasing our US customer base,” said Valeriy Grabko, co-founder of PromoRepublic.