Convosight, the world’s first platform to help community creators monetize, announced it has 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.
The passion economy ecosystem is seeing burgeoning growth and community creators, who run communities driven by passion and purpose, are at the epicenter of this movement. But while passion trumps all, monetization and sustainability are the biggest pain points for millions of community creators globally.
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The idea behind Convosight came after founders Tarun, Tamanna and Kartik built and scaled their network of Parenting Communities to 2MM members in India.
“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 ROI on community marketing. 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,” says Convosight co-founder, Tamanna Dhamija.
Since its launch, the Company has grown rapidly, reporting 10x user growth within the last 15 months to over 45K+ Communities with over 300MM+ managed members across 75 countries.
“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. Qualgro is delighted to partner with Convosight and help them further accelerate international expansion and build a global presence,” said Heang Chhor, Managing Partner & Founder of Qualgro.
Marketing heads of both Consumer Enterprise Brands such as Reckitt, Nestle, J&J, P&G, and D2C brands such as Plum use Convosight to drive insight-led organic customer engagement, adoption, and brand consideration through community marketing across many consumer categories such as nutrition, health, beauty, giving fuel to community creator earnings.
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“The rise of communities is remarkable as consumers turn to Facebook and WhatsApp group communities to discuss their pain points, opinions on various categories and brands. Through communities, we have seen a shift in engagement narrative from likes to meaningful conversations leading to consideration, advocacy, and increased ROI. Community Marketing is now a critical and high performing part of the overall media mix for several brands within Reckitt,” says Shashishekhar Mukherjee, Head of Media for Reckitt.
The company has seen a 25x jump in earnings for community creators via Convosight – with close to $1 Mn in total payouts with the top 25% of Creators earning $500/month.
“We are a geographically dispersed team of volunteers who spend thousands of hours managing our groups (230+ in 70 cities, 500k members) but sustainability was a challenge for us and we had no ideas around how to pitch and start monetizing. We started using Convosight to build our pitch book using their metrics and insights dashboards and were able to land campaigns,” says Anne Scott, Admin of FB Group Girl Gone International
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