Ukrainian Startup PromoRepublic Receives €500,000 of Investment

Ukrainian startup PromoRepublic has received €500,000 from Ukrainian and Finnish investors, AIN.ua reports.

PromoRepublic offers a service of creating content for social networks for small and medium-sized businesses. The funds were received as a convertible loan, and their share will be determined by this year’s evaluation of the company, which allows for avoiding the dilution of shares of the founders and previous investors as much as possible.

The first round of the investment — €100,000 from the Finnish investor Pekka Koskinen — was spent on preparing to launch on the US market. Co-founder of the start-up Maksym Pecherskyy says that the company already has over 100 US clients.

The second round of investment is €400,000 from Sampo Parkkinen from Finland, Ukrainian venture investment company Digital Future, and Tekes, the Finnish Funding Agency for Innovation.

If the company reaches certain milestones regarding revenue and quality of clients, a third, follow-up round of investment of up to €1.25 million for marketing and sales will follow.

Source: Ekonomichna Pravda