Romanian investment fund Fribourg Digital said on Wednesday it has invested 80,000 euro ($95,800) in digital marketing startup Baro.io.Before getting the funding, Baro.io underwent an acceleration program at Spherik Accelerator in Cluj-Napoca, northwestern Romania, during which its activity increased fourfold, from 200 monthly on-line campaigns to almost 800, it said in a press release.
The technology developed by Baro.io allows automating the entire process of a Facebook online campaign and significantly reduces workload in marketing departments.
“We believe that with Baro.io portfolio we can get good synergies with the other projects where Fribourg Capital has invested in such as SEO Monitor, Upswing or Planable,” Fribourg Digital manager Dan Sturza said.
Baro.io was set up in 2016 by entrepreneurs Teodor Scorpan, CEO of the company, and French entrepreneur Axel Le Borgne who is the CTO of the company.
“We appreciate the trust that Friborg Digital has in our business model and in our team. We hope that in three years time, we will be the main tool for managing online advertising campaigns, especially on Facebook, and that we will continue to optimize the budgets of our customers,” Baro.io CEO Teodor Scorpan sai.
Fribourg Digital was launched in June by investment firm Fribourg Capital as a 20 million euro investment fund targeting startups in the IT sector.
Depending on a startup’s developed stage, Fribourg Digital invests between 20,000 euro and 250,000 euro in an initial financing stage.
Fribourg Capital is a private equity and venture capital fund headquartered in Bucharest which operates in Eastern Europe and CIS countries.
Currently, the fund focuses on online companies and technology, with active investments in online retailer elefant.ro, in SEO and digital marketing services agency Upswing and in startup hub Liberty Technology Park in the city of Cluj, central-western Romania.