Turkey's First Crowdfunding Startup PromoSEED Accomplished Its Second Funding Round

PromoSEED Biotechnology Inc. became the first share-based crowdfunding startup in Turkey. With its Smart Bacteria Technology, it successfully closed its second investment round on the fundraiser platform. The startup company exceeded its target with a funding rate of 124.6%, reaching a financing of approximately $430,202 (7.5 million TL). During the investment round, a total of 2,227 investors, 82 of them qualified / institutional, received shares from startup companies. PromoSEED Biotechnology Inc. works to produce foreign-dependent high-tech products with 100% Turkish and national capital. Vision of PromoSEED Biotechnology Inc.; to dominate the field of microbial biotechnological products on a global scale, especially in the country, the Balkans, the Middle East and North Africa.

Since its establishment in 2018, the startup has been conducting scientific investigations of thousands of soil bacteria in a laboratory environment, turning its R&D studies into commercial products. In 2019, PromoSEED Biotechnology Inc. As a result, he was able to effectively isolate the bacterial species. In addition, it acquired the scientific and technical knowledge that can increase its production capability with advanced technology to the commercial level. In 2020, he carried out tests of several different products in the laboratory, greenhouse and field. To date, it has taken license and registration documents for 6 products from the Ministry of Agriculture and Forestry and has passed to the production stage.

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In July 2021, PromoSEED received an investment of $17.214 (300 thousand TL) against 6% of the shares, with the participation of 291 investors on the fundfinder crowdfunding platform. PromoSEED, Kültepe Investment Inc. and ERBAN has accelerated its operations by using an investment of $12,910 (225 thousand TL) received from angel investors for 4.5% of the shares. The products produced with the first investment source have reached hundreds of farmers through 40 dealers. The company achieved a turnover of $22.952 (400 thousand TL) in a nine-month period. During this time, PromoSEED Biotechnology A.Ş. had the chance to experience the demands and opportunities in the market first hand. It plans to seize new opportunities in the market with approximately $430,202 (7.5 million TL) funds obtained in its second investment round. In line with this scaling purpose, the company aims to increase the production capacity in the first stage and expand the qualified technical staff.