Opinion leaders bring Estonian startup Promoty €1.2M through crowdfunding

Influencer marketing platform Promoty raises €1.2M in a crowdfunding round. The startup from Tallinn was supposed to finish the round with €800 000, but in 28 hours it increased this figure to €1.2M due to special interest from investors. Vijay Sharma led the process, with new investors from Pierre-Louis Raust and Ernesto Suarez, and past seed round participants Kristjan Raude and Madis Müür.

Founded in October 2017, Promoty focuses on creating partnerships directly between brands and Influencers, thereby getting rid of the often expensive and time-consuming agency mediators. According to the representative of the lead investor, Vijay Sharma Fund, the market cannot ignore the increasing power of ifluencers and this type of marketing.

Now, the platform, which operates as an influencer marketplace, connects more than 50 000 bloggers and 3 400 brands. “Our goal is to bring the product to the masses and add integration with other popular platforms like TikTok and Youtube,” Alex Koch, cofounder and CEO of the company, said in a statement. “The additional capital will help us achieve these goals faster,” he estimates of the round.

The new capital is also expected to help Promoty enter the Scandinavian, Baltic and Dutch markets.

As social media has evolved, brand money has poured into the field of Influencer Marketing with particular force. Insider Intelligence, based on data from Mediakix, estimates that brands intend to spend up to $15 billion by 2022 working with opinion leaders. According to Insider Intelligence estimates, based on Mediakix data, brands intend to spend up to $15B on working with opinion leaders by 2022.