Delhi-based data analytics startup Convosight has raised $4 Mn in its Pre-Series A funding round led by IvyCap Ventures and Sequoia Capital. As part of the investment, IvyCap Ventures founder and managing partner Vikram Gupta will join Convosight’s board. Convosight is also part of batch 3 of Surge programme.
With the funding, Convosight plans to enhance the product by investing in technology and data sciences. Cofounder and CEO Tamanna Dhamija said that the startup will also utilise the funds to increase the client base which mainly includes community entrepreneurs. The startup will also ramp up hiring across product and marketing.
Founded in October 2019 by Tamanna Dhamija, Tarun Dhamija and Kartik Bansal, Convosight helps business gain insights from its community on Facebook groups, while managing all their Facebook Groups from one place. The startup uses technologies like data analytics and machine learning to help brands to create, moderate, grow and leverage communities in a better way.
Convosight’s platform allows Facebook group admins to track growth trends and conversation insights, control spam and manage content through smart recommendations. The data helps group admins to monetize their communities through commerce, subscriptions, offline events and brand partnerships
In a span of six months, Convosight is already used by 2500 Facebook communities which have over 30 Mn members across the world. Some of Convosight’s notable clients include mega FMCG and consumer brands such as Nestle, J&J, Reckitt Benckiser, P&G and Abbott. Convosight claims that it is helping the brands build meaningful communities and engage better with their consumers.
In the social media space, millions of people are actively engaged in online communities on Facebook. Dhamija said that these communities are the future of how people will interact online. In the current times, people are actively looking for mental and emotional support with these communities. And Dhamija believes now more than ever, community admins need these tools to build and sustain meaningful communities and businesses.
According to a study by ResearchAndMarkets, the social media analytics market size is projected to grow from $3.0 Bn in 2019 to $9.4 Bn by 2024, growing at an annual growth of 25.4% during the forecast period.
The study cites reasons such as the increased focus of brands towards intelligence-based social media marketing and advertisement. Indian startups like Simplify 360, Germin8, Frrole, Unmetric, among others, are also offering their social media data analytics services to clients in India and globally.