Convosight raises Series A funding in round led by Singapore’s venture firm Qualgro
Convosight, a software as a service (SaaS) based community creator monetisation platform, said it has raised $9 million (Rs 65.8 crore) as part of its Series A funding round.
The funding was led by Singapore based venture capital firm Qualgro, said Convosight in a statement.
Unilever Ventures and Ajay Gupta (ex McKinsey), along with existing backers IvyCap Ventures and Sequoia Capital India’s accelerator programme Surge, also participated in the funding round, it added.
Convosight was launched in October 2019 by Tamanna Dhamija, Tarun Dhamija and Kartik Bansal. The startup says it is building an ecosystem for community creators on platforms like Facebook, Reddit and Discord so that they can partner with brands and monetise their communities.
Covosight's platform is used by major consumer brands like Reckitt, P&G, Nestle, Abbott, ITC and direct to consumer (D2C) brands like Plum.
The startup claims its user growth increased 10 times in the last 15 months while earnings for community creators via Convosight jumped 25 times in the last 12 months with close to $1 million in total payouts.
Tarun Dhamija, co-founder of Convosight, said that the startup currently has more than 300 million members in managed communities and it is targeting a potential market opportunity of close to 1.8 billion users across Facebook, Reddit and Discord.
The top categories of communities and brands that are engaging in community marketing via Convosight are parenting, cooking, beauty and makeup, health and nutrition as well as women focused groups
Heang Chhor, managing partner and founder of Qualgro, said: “Convosight is igniting a new ecosystem for community marketing which will impact millions of community creators and start a new chapter in marketing.”
Prior to this funding, Convosight had raised $4 million (Rs 30.26 crore) in its pre-Series A round of funding from IvyCap Ventures and Sequoia Capital's Surge in April last year.