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
Community monetisation platform, Convosight, on Monday said that it has raised $9 million as a part of its Series-A round led by Singapore-based venture capital firm Qualgro.
Unilever Ventures and former McKinsey executive, Ajay Gupta , along with existing backers IvyCap Ventures and Sequoia Capital India’s Surge also participated as a part of this round.
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.
“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", said Heang Chhor, managing partner and founder of Qualgro.
The Convosight platform is currently used by Fortune 100 consumer brands like Reckitt, P&G, Nestle, Abbott, ITC and many high growth direct-to-consumer brands like Plum to help drive organic customer engagement, and adoption through community marketing.
“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. In 2020, we decided to productise our learnings to enable community creators globally to start monetising via purpose-led community marketing with brands," said Convosight co-founder, Tamanna Dhamija.
Over the last 12 months, the startup claims to have witnessed a 25x jump in earnings for community creators via Convosight, with close to $1 million in total payouts to creators.
Close to 45,000 communities are using Convosight to manage over 300 million members across more than 75 countries, at present.