Promos closed a $1 million financing round backed by Change Ventures and Estonian angel investors Martin Villig and Andrius Šlimas.

Promos, a Madrid, Spain-based software startup building a mobile app used for crowdsourced consumer research, announced that it raised $1 million.

The money was raised from investors from Baltic countries, namely the venture capital company Change Ventures and angel investors and Bolt co-founders Martin Villig and Andrius Šlimas.

Promos, founded in 2019 by Andrius Juozapaitis and Lina Beinortaite, developed a mobile app for consumers that allows them to scan shopping receipts and using this data in order to produce real-time consumer purchasing behaviour reports. The company works with retailers and brands, which run promos within the app, with cashback offers and discounts in roder to provide a free utility-focused product to consumers via the app.