Belgian start-up Proxistore, a demand-side platform based in Wallonia, announced on Thursday that it has finalised a €7.9-million fundraising round.
The start-up specialises in digital advertising and purchases based on its own patented geolocation technologies. It says it is considering equity investments and wants to accelerate its international growth, after posting a net profit of €815,000 last year.
For this fundraising round, Proxistore, which was created in 2013, says it relied on its own shareholders: Wallonie Entreprendre (Wallonia's economic and financial tool for businesses), the Sofinex investment company, SME financing company IMBC, and ING Bank.
It is studying, among other things, the acquisition of stakes in companies that focus on eliminating advertising cookies and paper leaflets.
In 2019, online search giant Google had filed suit at the Brussels company court to have one of the patents held by the Belgian start-up cancelled.
Proxistore won the case in late 2021.
