We advised Change Ventures, as an investor in Promos’ $ 1M (€ 840,000) financing round.
The Spanish start-up Promos has closed a financing round led by the venture capital firm Change Ventures, with the participation of several international business angels, including Mr. Martin Villig (Bolt), and Mr. Andrius Šlimas (Oberlo).
The Promos team is made up of veterans of the fast-moving consumer goods (FMCG) industry and market research. The platform draws data from collaborative sources to provide unique insights to the FMCG industry. With this new investment, it will be able to further develop its platform before its launch in Spain, as well as prepare its expansion strategy.
Market research providers conventionally use point-of-sale (POS) data from a limited number of major retailers to represent the market landscape. However, Promos points out that market intelligence providers are increasingly unable to provide granular data on consumer purchasing in a rapidly changing landscape. It is increasingly common to shop for different products in different shops, both online and offline. As a result, the consumer footprint is dispersed and the ability to accurately represent the market is becoming increasingly difficult. Promos seeks to change this landscape and aims to create a multi-sided platform that leverages market data from collaborative sources with the help of artificial intelligence.
