Sponsoo, a Hamburg, Germany-based sport sponsorship marketplace, closed a €300k funding round.
Four business angels and previous shareholders participated in the round.
The company intends to use the funds to further grow its core business in Germany, hire sales employees and developers and to ramp up marketing efforts.
Led by CEO Andreas Kitzing, Sponsoo is a sport marketing startup that aims to fully digitalize the sport sponsorship industry by connecting athletes, clubs and sponsors on a full-service online marketplace.
Until now, the company was financed by EU grants, recurring revenues and prizes from startup competitions such as Microsoft’s “Do Great Things” campaign.