Mumbai: Convosight, a community monetisation platform, has raised $9 million in a Series A funding round led by Singapore-based venture firm Qualgro. Unilever Ventures, along with existing backers. IvyCap Ventures and Sequoia Capital India’s Surge also participated in the capital raising.
The startup is building a monetisation ecosystem for community creators on platforms like Facebook Groups, Reddit and Discord so that they can partner with brands and sustainably monetise their communities. It helps brands and creators leverage tech and data for digital marketing.
Over the last 12 months, Convosight has seen a 25X jump in earnings for community creators, with close to $1 million in total payouts, it said. The company has been used by brands like Reckitt, Procter & Gamble (P&G), Nestle, Abbott and ITC to drive customer engagement, adoption and brand consideration through community marketing.
“Just like the influencer marketing ecosystem has changed the marketing landscape and enabled millions of influencers to earn a living, Convosight is igniting a new ecosystem for community marketing which will impact millions of community creators and start a new chapter in marketing," said Heang Chhor, founder of Qualgro.
The company will utilise the funds for international expansion among other things.
The startup was founded by Tamanna Dhamija, Tarun Dhamija and Kartik Bansal. The co-founders started their journey with parenting community Baby Destination.
“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 return on investment on community marketing,” Tamanna Dhamija said.