Promoty, a marketplace connecting Instagram influencers to retail brands, has raised 1.2 million euros through Funderbeam to strengthen its position in the new markets in Scandinavia and Baltics, and expand to other platforms like TikTok and Youtube.
“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,”Aleks Koha, CEO and Co-founder of the company, said in a statement. “The extra capital will help us to reach those goals faster.”
Established in late 2017, the marketplace has been used by over 46,000 influencers and 3,400 marketers.
“The rise of the influencer is something marketers cannot ignore,” said investor Vijay Sharma.
“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,” said Sharma, who was the main lead for this funding round.