SUMMARY
Excluding the ongoing round, the startup has so far raised $13 Mn from its pre-series A round of $4 Mn and Series A round of $9 Mn
While IvyCap Ventures and Qualgro pumped INR 16.46 Cr ($2.03 Mn) each in the startup, Twenty Nine Capital invested INR 4.11 Cr ($500K)
Convosight claims to have over 100K+ communities with over 700 Mn+ managed members
Delhi NCR-based community monetisation platform Convosight has raised $4.6 Mn in its ongoing pre-series B round from existing investors IvyCap Ventures and Singapore-based VC firm Qualgro, and new investor Twenty Nine Capital.
According to the startup’s regulatory filings, IvyCap Ventures and Qualgro Venture Capital pumped INR 16.46 Cr ($2.03 Mn) each in the startup, while Twenty Nine Capital invested INR 4.11 Cr ($500K). The startup plans to raise more funds in the round.
“These funds are going to be used to expand our product suite and to expand our presence in Southeast Asia,” a company spokesperson told Inc42.
The development was first reported by Entrackr.
Founded in October 2019, Convosight enables community leaders across Facebook groups, Reddit, Telegram and Discord to connect with relevant brands, do highly engaging brand campaigns and earn sustainably from these campaigns.
Convosight is used by 100K+ Facebook communities across 75 countries around the world. It claims to take insights from 700 Mn+ members across these communities without collecting any personal data.
In June 2021, the startup raised $9 Mn from Qualgro, Unilever Ventures, Ajay Gupta (ex-McKinsey), IvyCap Ventures and Sequoia’s Surge. It then claimed to have over 45,000 communities with over 300 Mn managed members.
Excluding the ongoing round, the startup has raised $13 Mn to date. Its seed round of $4 Mn was also led by IvyCap Ventures and Sequoia Capital.
The startup was founded by Tamanna Dhamija and Tarun Dhamija to help the creator ecosystem in the country to monetise their services and become sustainable using the SaaS startup’s tools.
The startup claims that creators have seen a 25X tick in their earnings after joining Convosight, with the top 25% of them earning more than $500 per month. Besides, it claims that the total payout to creators managing these communities stands at over $2 Mn.
The startup was also a part of Inc42’s April 2020 edition of 30 Startups To Watch.
Creator Economy & Enablers On The Rise In India
As per a Kaalari Capital report, there are more than 8 Cr creators in India. However, less than 0.2% of creators are able to monetise their services effectively. This encompasses YouTube (or other social media) streamers, short content producers, Instagram, Snapchat and Twitter influencers, bloggers, and more.
This has given rise to a host of creator monetisation and marketing startups and several creator-focussed funds in India – Phyllo, Wishlink and more, and funds such as Snapchat’s fund supporting Indian artists, Google’s women-focussed accelerator program and more.
Convosight directly competes with the likes of Cosmofeed, MoneyyApp and Knackit to grab market share in the country’s creator economy, pegged at $10 Bn.
Update: November 21, 2022 | 11:15 AM
One of the cofounders’ names has been removed since they are no longer with the organisation. Spokesperson quote added.
