Convosight funding

convosight funding

Community creator monetization platform, Convosight, announced on Monday that it has raised $9 million in a Series A round led by Singapore-based VC firm Qualgro. 

The round also saw participation from Unilever Ventures and Ajay Gupta (ex-McKinsey), along with existing investors IvyCap Ventures and Sequoia Capital India’s Surge. 

Convosight is creating a monetization ecosystem for community creators on platforms like Facebook Groups, Reddit, and Discord so that creators can collaborate with brands and sustainably monetize their communities. Since its inception, the startup claims to register a 10X user growth in the last 15 months. 

Commenting on the investment, 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 employed by Fortune 100 consumer brands like Reckitt, P&G, Nestle, Abbott, and ITC, among others, and D2C brands like Plum to push organic customer engagement, adoption, and brand consideration via community marketing, powering community creator earnings. 

In the last 12 months, the startup claims a 25X jump in earnings for community creators through its platform with nearly $1 million in total payouts. 

The idea behind Convosight was conceived when Tamanna Dhamija, Tarun Dhamija, and Kartik Bansal went through the process of building, scaling, and monetizing a parenting community Baby Destination to two million members. 

Tamanna Dhamija, Co-founder of Convosight said, “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 productize our learnings to enable community creators globally to start monetizing via purpose-led community marketing with brands.”

Tarun said that the prime partnering 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,” he added.

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