Total amount raised
$17.6 Millions
Latest funding date
11/01/2022
Location
Convosight has successfully raised ₹370,000,000 (approximately $4.6 million) in its Series B funding round, attracting investors such as IvyCap Ventures, Qualgro VC, and Twenty Nine Capital Partners. The platform offers a comprehensive suite of tools for community builders to grow, engage, and monetize their online communities, particularly on Facebook.
Keep reading to explore the intricacies of Convosight's fundraising journey and the investors backing this innovative platform.
What Is Convosight?
Convosight, founded on October 1, 2019, is a SaaS and social media management platform headquartered in Delhi, India. The company was established by Kartik Bansal, Tamanna Dhamija, and Tarun Dhamija.
With a team of 101-250 employees, Convosight focuses on helping community builders grow, engage, and monetize their online communities, particularly on Facebook. The platform leverages data analytics and machine learning to assist admins and brands in creating, moderating, and leveraging their communities.
How Much Funding Has Convosight Raised?
- Seed Round
- Amount Raised: $4 million
- Date: April 2020
- Lead Investors: IvyCap Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the platform and enhance data analytics capabilities.
- Series A
- Amount Raised: $9 million
- Date: June 2021
- Lead Investors: Qualgro VC
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and further develop the platform.
- Series B
- Amount Raised: $4.6 million
- Date: November 2022
- Lead Investors: IvyCap Ventures, Qualgro VC
- Valuation at Round: Approximately ₹335 crore
- Motivation Behind the Round: To enhance data analytics and machine learning capabilities and expand market reach.
Total Amount Raised: $17.6 million. Current Valuation: Approximately ₹335 crore.
Key Investors
- IvyCap Ventures
- Details: IvyCap Ventures is a venture capital firm based in India, focusing on early to growth-stage companies. They have a strong emphasis on nurturing entrepreneurial talent and innovation.
- Investment Focus Areas: Technology, healthcare, education, consumer products
- Notable Investments: Purplle, Clovia, Biryani By Kilo
- Qualgro VC
- Details: Qualgro VC is a venture capital firm that invests in technology and data-driven companies. They are known for their strategic support and extensive network in the Asia-Pacific region.
- Investment Focus Areas: SaaS, AI, data analytics
- Notable Investments: Appier, Wavecell, Mobikon
- Twenty Nine Capital
- Details: Twenty Nine Capital is an investment firm that participated in Convosight's Series B funding round. They focus on providing growth capital to innovative companies.
- Investment Focus Areas: Information not available
- Notable Investments: Information not available
What's Next for Convosight?
Convosight stands at the cusp of significant growth opportunities, leveraging its expertise in community monetization and data analytics. With a robust platform that has already attracted over 150 brands and 100K communities, the potential for expansion into additional social media platforms like Reddit and Telegram is immense. This growth could further solidify its position in the market, making it an attractive candidate for future funding rounds.
As Convosight continues to enhance its data analytics and machine learning capabilities, the likelihood of securing additional funds in subsequent Series B rounds or beyond is high. This financial backing will be crucial for scaling operations and expanding market reach. However, the company must navigate challenges such as intense competition and maintaining user engagement to sustain its growth trajectory.
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