Convosight Raises $9 Million as the Startup Helps to Monetize Online Communities for Creators
By Thomas Price
Wednesday, 16 June 2021
With social media becoming a universal way to communicate and engage with others, many people have found ways to use it to their advantage. For apps like Instagram and Twitter, the rise of influencers who have turned their personal profiles into monetized pages has been meteoric. Convosight is a tech startup that is hoping to create a similar market for social media communities and the creators who run them. The company recently raised Series A funding to help expand business operations and expand the number of users.
What Convosight Does and Early Success
Tech startup Convosight works to monetize online communities by connecting directly with the creators and providing them with page management tools that measure engagement, new social campaigns, and user numbers. From there, the business connects the page owner with global brands interested in partnering with the community for specific marketing campaigns relevant to what the group is about.
The company primarily focuses on creators who run Facebook communities, though other social media groups on Reddit and Discord can be used as well. On top of the tools to measure engagement and increase page awareness, the tech startup also hosts a series of webinars for users that focus on optimizing a social media community for monetization and highlight the impact of a marketing campaign properly.
Since the close of its first fundraise last year, Convosight has seen incredible growth. The tech startup saw a 10x increase in total communities managed, now in business with over 45,000 different social media groups, adding up to more than 300 million members. The company is also now averaging more than 1,000 new communities gaining a monetized partnership with a consumer business every single month. For creators, the most appreciable point of growth has been the 25x increase in payouts, with the top 25% all earning $500 or more every month.
Convosight Funding and Future Plans
In the Series A funding round for the company, Convosight raised $9 million in capital. The funding round was led by Qualgro with participation from Unilever Ventures, Ivycap Ventures, Sequoia Capital, and individual investor Ajay Gupta. The tech startup plans to use this money to expand business operations by expanding its network of consumer brands and online communities.
The company also plans to create a full online marketplace for its social media communities and business partners to more easily connect with one another and increase the rate of partnered marketing campaigns. The tech startup will be focusing on growth primarily in the United States (US) and Southeast Asia. Funding will also be used to hire a larger team across all business departments.
When commenting on the recent funding for the company, co-founder of Convosight Tamanna Dhamija said, “In 2020, we decided to productize our learnings to enable community creators globally to start monetizing via purpose-led community marketing with brands. At Convosight, our mission is to enable millions of community creators across Facebook Groups, Reddit, and Discord 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.”
About the Author
Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.