Marketing SaaS firm PromoRepublic said it has raised $1.5 million from investors to tap into the emerging market of distributed marketing software.
According to Forrester’s latest research, the distributed marketing software market will reach $1.18 billion by 2023. In other words, selling and marketing to and through independent representatives, field salesforces, agents, and franchisees is the new normal. Nearly 50% of all brands invested in distributed marketing in some capacity, Forrester says. Marketing executives consider this approach the most effective for local customer experiences and the key to influencing new buyers.
“PromoRepublic’s 5-year history and knowledge of small businesses’ marketing philosophy has shown that partners who leverage vendor content, messaging, branding, and demand generation initiatives in their local markets drive a winning customer experience,” it said in a statement.
PromoRepublic said its new distributed marketing suite will help both corporate head offices and their representatives. Head offices will be able to manage partners easily with branded asset storage, and by distributing national and local campaigns via a partner network, tracking their overall digital presence, and monitoring brand reputation.
Investors in this seed round include several angels, Innovestor Ventures, Genesis Investments, and the Business Finland government fund. In 2021, the Finnish Public Fund is expected to invest an additional $1 million to support the growth of PromoRepublic in this new area. PromoRepublic has raised nearly $5 million so far.
“We can now leverage our experience in serving thousands of small businesses for use with marketing teams of national and global brands who want to engage their representatives in marketing initiatives,“ said Max Pecherskyi, CEO & Co-founder of PromoRepublic.
The 2015-founded PromoRepublic has over 20,000 active small business users to date.