Delhi-based Convosight, a community creator monetisation platform, on Monday, said it raised $9 million in a Series A round led by Singapore-based VC firm Qualgro.
Unilever Ventures and Ajay Gupta (ex-McKinsey), along with existing investors IvyCap Ventures and Sequoia Capital India’s Surge also participated in the fundraising.
Convosight is building a monetisation ecosystem for community creators on platforms like Facebook Groups, Reddit, and Discord so that creators can partner with brands and sustainably monetise their communities. Since its launch, the startup claims to report 10X user growth within the last 15 months.
Speaking on the development, Heang Chhor, Managing Partner and Founder, 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. They have leveraged their unique tech and data platform in creating a new purpose-led digital marketing category. Qualgro will help them further accelerate international expansion and build a global presence.”
The platform is used by Fortune 100 consumer brands like Reckitt, P&G, Nestle, Abbott, and ITC, among others, and D2C brands like Plum to help drive organic customer engagement, adoption, and brand consideration through community marketing, giving fuel to community creator earnings.
Over the last 12 months, the startup claims that there has been a 25X jump in earnings for community creators via
Convosight — with close to $1 million in total payouts.
“Convosight helped me monetise my Facebook group by partnering with large brands. I also learnt how to make a brand pitch, how to connect with brands, and how to do campaigns independently. With Convosight, I have been able to increase my monthly income to $2000 a month,” said Akanksha Bansal, an India-based community admin of parenting lifestyle.
The idea behind Convosight was born when Tamanna Dhamija, Tarun Dhamija, and Kartik Bansal went through the journey of building, scaling, and monetising a parenting community Baby Destination to two million members.
“We were able to use technology and analytics to create value for brands to co-exist with our communities, giving us revenue, and brands a quantifiable ROI on community marketing. In 2020, we decided to productise our learnings to enable community creators globally to start monetising via purpose-led community marketing with brands,” said Convosight Co-founder Tamanna Dhamija.
According to Tarun, the top collaborating and engaging communities and brands via Convosight are parenting, cooking, beauty and makeup, health and nutrition, and women-focused groups.
“Today we have more than 300 million members in managed communities and eyeing a potential market opportunity of close to 1.8 billion users across Facebook, Reddit, and Discord,” Tarun added.