Convosight Raises $9 Million In Series A Funding
Convosight, the platform to help community creators monetize, announced it has raised a $9 Mn Series-A round led by Singapore-based VC firm Qualgro. Unilever Ventures and Ajay Gupta (ex McKinsey), along with existing backers IvyCap Ventures and Sequoia Capital India’s Surge also participated in the round.
The passion economy ecosystem is seeing burgeoning growth and community creators, who run communities driven by passion and purpose, are at the epicenter of this movement. But while passion trumps all, monetization and sustainability are the biggest pain points for millions of community creators globally.
Convosight is building a monetization ecosystem for community creators on platforms like Facebook Groups, Reddit and Discord so that they can partner with brands and sustainably monetize their communities. Since launch, the company has grown rapidly, reporting 10x user growth within the last 15 months.
“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. They have leveraged their unique tech and data platform in creating a new purpose-led digital marketing category. Qualgro is delighted to partner with Convosight and help them further accelerate international expansion and build a global presence”, said Heang Chhor, Managing Partner & Founder of Qualgro.
The platform is used by Fortune 100 consumer brands like Reckitt, P&G, Nestle, Abbott, ITC and many high growth D2C brands like Plum to help drive organic customer engagement, adoption and brand consideration through community marketing, giving fuel to community creator earnings.
“The rise of communities is remarkable as consumers turn to Facebook and WhatsApp group communities to discuss their pain points, opinions on various categories and brands. Through communities we have seen a shift in engagement narrative from likes to meaningful conversations leading to consideration, advocacy and increased ROI. Community Marketing is now a critical and high performing part of the overall media mix for several brands within Reckitt“, says Shashishekhar Mukherjee, Head of Media for Reckitt.
Over the last 12 months, there has been a 25x jump in earnings for community creators via Convosight - with close to $1 Mn in total payouts.
“Convosight helped me monetize 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.” says Akanksha Bansal, an India-based community admin of parenting lifestyle.
The idea behind Convosight was born when founders, Tamanna, Tarun and Kartik, went through the journey of building, scaling and monetizing, India’s largest parenting community Baby Destination to 2 Mn 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. At Convosight, our mission is to enable millions of community creators to earn sustainably. We are thrilled by the support of ambitious, successful investors who see the disruptive potential of Convosight in creating the community marketing category”, says Convosight co-founder, Tamanna Dhamija.
Some highlights from the past 12 months:
1. 25x increase in payouts to their community creators, with 25% of the community creators earning an average of $500 per month in the last 3 months
2. 1000+ communities are getting monetized every month on an average via community marketing campaigns with large consumer brands
3. 10X increase in community members managed via Convosight; today 45000+ communities are using Convosight to manage over 300 million members across 75+ countries
“The top categories of communities and brands that are collaborating and engaging in community marketing via Convosight are Parenting, Cooking, Beauty & Makeup, Health and Nutrition as well as women focused groups. Besides opportunities for brand collaborations, our product offers community creators tools to understand growth trends and conversational insights, control spam and run their independent brand collaborations. Today we have more than 300 Mn members in managed communities and eyeing a potential market opportunity of close to 1.8 Bn users across Facebook, Reddit and Discord”, says Tarun Dhamija, co-founder, Convosight.
