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Dec 22, 2022 17:33 EEST
December 22 (SeeNews) - Romanian media retail startup Footprints said on Thursday that it raised 500,000 euro ($531,755) from private investors in its first investment round to further finance its international expansion and develop its platform.
Following the investment round, which was organised by local business acceleration and development company Robin Good and attracted eight private investors, Footprints’ valuation stood at 5 million euro, the company said in a press release.
Footprints announced the two-month-long investment round in October and the secured financing enables the penetration of several new markets, with Footprints mainly setting its sights on expanding its presence in Saudi Arabia and the EU. The investment also facilitates the development of both the Footprints platform and artificial intelligence algorithms that better predict consumer behaviour in physical retail.
The financing confirms the potential of the platform in a global Retail Media market that is estimated to reach $50 billion in revenues by the end of 2022, Footprints founder and CEO Dan Marc noted. The Footprints platform allows physical retailers to convert anonymous traffic into profitable customers through artificial intelligence and algorithmic automation.
Footprints was founded in 2017. In 2021, it booked a net profit of 72,104 lei ($15,656/14,721 euro) on a turnover of 1.2 million lei, data from the ministry of finance shows.
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