Convosight, a community monetisation startup has secured $4.6 million in a pre-Series B funding round spearheaded by IvyCap Ventures and Qualgro Venture Capital. This is Convosight’s first funding round in 2022.
Convosight leverages on machine learning and data analytics to assist brands in the creation, moderation, growth and monetization of their communities across social platforms such as Slack, Telegram and Reddit.
Based on the regulatory filing submitted to the Registrar of Companies, RoC, Convosight’s board passed a special resolution for the issuing of 100 equity shares in addition to 30,315 Pre Series B CCPS (compulsory convertible preference shares) going at Rs 12,175.82 per share to secure its $4.6 million (Rs 37 crore) investment.
The duo of IvyCap Ventures and Qualgro Venture Capital both spearheaded the funding round with equal investment of Rs 16.46 crore. Twenty Nine Capital also supported the round with a Rs 4.11 crore investment. Convosight’s leading investors include Tamanna Dhamija, Tarun Dhamija and Kartik Bansal.
Information sourced from Convosight’s website shows that under its platform, 150 brands have collaborated with more than 100,000 communities. According to the platform, it has spent above $2 million on community creators since inception, and boasts of prominent brands like Abbott, Procter & Gamble, Reckit, Nestle and ITC who use its platform’s community marketing to promote customer engagement.
So far, Convosight has successfully attracted $19.6 million investment all together. In its last Series A funding conducted in June 2021, it secured $9 million. The company’s post allotment record reflects a valuation of Rs 335 crore.
Although Convosight has not revealed its financial records for FY22, FY21 records shows RS 9.55 crore as operating revenue. This points to a loss of Rs. 7.38 crore in FY21 based on the annual financial statement submitted to the RoC.
As originally reported in (https://entrackr.com/2022/11/exclusive-convosight-raises-4-6-mn-in-new-round/)
