Convosight raises $9MN Funding

Convosight raises $9MN Series A, to build the monetization ecosystem for community creators

We are excited to announce that we have 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.

Convosight Funding

COnvosight Series A Funding News

Rise of Creator Monetization

In the past few years, there has been an explosion of platforms building the monetization infrastructure for creators, like Patreon, Podia, Outschool, Gumroad to name a few. But the creators these platforms are focusing on, are mostly content or physical/digital products creators.

There is one segment of creators who are at the epicenter of this movement i.e. community creators on platforms like Facebook (groups), Telegram, Discord, Reddit, and others, with Facebook Groups being the largest community platform by a huge margin with its 2Bn Monthly Active Members in Groups and over 70 Million Community Creators.

The Problem

The biggest pain point faced by community creators globally is to unlock sustainable income from their communities. These community creators work tirelessly to create a safe and trusted space for their members to engage, get advice, solve problems and share successes but get no financial returns for their efforts and time. This is a big reason due to which for most of these community creators, their community always remains a side hobby, and not the primary activity that they do.

Convosight is the first platform that is on a mission to make the lives of community creators better

  • Helping Community creators partner with brands

Helping community creators partner with the world’s largest Fortune 100 consumer companies and high growth D2C brands (Nestle, J&J, Reckitt, P&G, Abbott, Plum Goodness, and more) and start to earn sustainably, by doing purpose-led, meaningful campaigns in their communities.

  • Building free tools and Learning spaces

Building free tools and learning spaces, that help community creators learn, how to pitch to brands themselves, get campaigns, execute them successfully in their communities and earn on their own.

Welcome to the world of Purpose Led Community Marketing

Convosight is also the first platform that has empowered some of the largest consumer brands to engage meaningfully with communities with a quantifiable ROI, thus creating this entirely new category of Purpose-led marketing in Communities (which fuels community creator earnings).

Welcome to the world of Purpose Led Community Marketing

Convosight is also the first platform that has empowered some of the largest consumer brands to engage meaningfully with communities with a quantifiable ROI, thus creating this entirely new category of Purpose-led marketing in Communities (which fuels community creator earnings).

Convosight brands execution

We call Community Marketing, Purpose-led marketing, as all our campaigns are based on strong consumer insights which are derived from understanding millions of conversations across relevant and engaged communities.

These campaigns, either provide some value to the community members in terms of education or engage them with contests, gifts, and product samples, thus creating a win-win for community members, brand, and the community creator.

With Community marketing increasingly becoming an integral part of the marketing mix, Convosight has enabled brands across India, US, SEA partner with community creators at scale – quickly expanding to other geographies.

Convosight fund raise

Convosight fund raising

In the past 1 year since our first fundraise

  1. We have seen a 25X increase in payouts to our community creators (almost $1 MN in payouts), with 25% of the community creators earning an average of $500 per month in the last 3 months.
  2. Community creators are using these earnings to fulfill their dreams, from becoming independent, to sponsoring education, to donating it to help the needy during Covid.
  3. 1000+ communities are getting monetized every month on an average via community marketing campaigns with large consumer brands.
  4. 10X increase in community members managed via Convosight, today 45000+ communities are using Convosight to manage over 300 million members across 75+ countries.

Tarun-Dhamija

Convosight Communities

What happens next?

These funds will be used to scale our team across product, data, and technology, and expand into US and South East Asia markets. Some of the most exciting things that we will be building in the coming few months would be around –

  • Building a self serve marketplace where brands and community creators can discover each other and collaborate seamlessly to do community marketing.
  • Enabling community creators across platforms to start earning from their communities. Currently, we are super focused on Facebook groups, Reddit and Discord.
  • Scaling our enterprise brand relationships and the budgets they are spending on community marketing, by expanding our solutions and offerings to help them drive consideration and preference for their brands.
  • A learning ecosystem for brands and community creators (powered by Convosight’s tools set) that helps them understand and appreciate the value of community marketing for brands, community creators, and community members, thus accelerating the community marketing category as a whole.

How did it all start?

Convosight was built by productizing the learnings that Tamanna, Tarun, and Kartik had while building, scaling, and monetizing India’s largest parenting community Baby Destination (2 million mothers across 30+ Facebook groups and hundreds of Whatsapp groups).

Tamanna-Dhamija

Join the Rocket ship!

The last year of Covid lockdowns has only proven the value of digital communities in our lives even more and we are really excited for a future built on communities. We are a super-inspired, remote team expanding and hiring across all functions. If you are someone who is excited to build a community-powered future do check out our careers page or shoot us an email at hiring@convosight.com.

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