19:16 Jul. 12, 2016
Ukrainian and foreign funds invest into PromoRepublic service
Ukrainian startup PromoRepublic attracted EUR 500,000 worth of investments from the Finnish and Ukrainian investors, AIN.UA internet magazine reports.
PromoRepublic is a service, which allows small and medium-sized businesses to create content for social media.
The investment competitions took place in two stages. During the first round in December, 2015, the Ukrainian team received EUR 100,000 worth of investment and used it to start operating on the US market. The second stage took place last week. Finnish investor Sampo Parkkinen and the Ukrainian venture fund Digital Future became lead investors. Co-investors were Pekka Koskinen as well as Vendep and Tekes funds. The second tranche totalled EUR 400,000.
According to Maksym Pecherskyi, project co-founder, as soon as PromoRepublic entered the American market, it already attracted more than hundreds of clients.
"We saw it's hard to find a direct path to small businesses – all the channels are blocked, however, the segment of freelance marketing managers is highly active. That's why we decided to focus on that narrow segment and customize the product up to their needs", Maksym Pecherskyi said.
The programme team plan to integrate their product with big marketing services, like Hootsuite.
If the startup shows good income results and customer quality, the investors will hold another competition to extend more financing. In a good-case scenario, the investments may reach EUR 1.25 million for the startup marketing and sales.