Last week PromoRepublic, a Finnish startup with Ukrainian roots, closed a late seed round of nearly €2 million. The funding was brought by venture capitalists Innovestor, Daal and Alfabeat, along with individual investors and government agencies in the UK, Germany and Finland, as reported by Finnish tech publication GoodNews.
PromoRepublic has developed a solution to help small companies grow their business leveraging social media in an affordable way. TechCrunch has called it the “WIX for a small business’s social presence.”
Meant to appear “crazy simple” to users, the solution is, in reality, the result of substantial research and development efforts. It is built on a library of hundreds of thousands of context-relevant social media templates and images which is constantly updated using content effectiveness data, user behavior, and interactions.
PromoRepublic was founded in Kiev in 2013 by Valeriy Grabko and Max Pecherskiy. In its early days, the startup completed several acceleration programs, including Ukrainian EastLabs, Estonian Startup Wise Guys, Startup Chile, and Finnish Startup Sauna.
The startup, now headquartered in the Finnish capital, is looking to scale its product in North America.
It is not the first time PromoRepublic attracts funding. Since inception, the startup has secured more than €1 million in grants and loans (including those provided by the acceleration programs) and completed several private equity funding rounds. Thus, in 2016, €400,000 were injected by Ukrainian and Finnish investors; then, in 2017, the startup raised $1.2 million.
