Convosight Raises $4 Million Funding From IvyCap Ventures, Sequoia Capital India's Surge

Convosight, which is on a mission to create Community entrepreneurs has announced today it has completed Pre-Series A round of $4 mn from IvyCap Ventures and Sequoia Capital India's  rapid scale up program Surge.

The company plans to use the funds to strengthen its team across product, marketing, and invest further technology and data science.

Convosight is the world’s first community management platform that uses the power of data analytics and machine learning to help admins and brands create, moderate, grow and leverage communities meaningfully.

Since its launch in October 2019, in a span of six months, Convosight is being leveraged by 2500+ communities globally with over 30 million community members. The company currently works with some of the world’s largest Fortune 100 companies such as Nestle, J&J, Reckitt Benckiser, P&G and Abbott, helping the brands build meaningful communities and engage better with their consumers.

With a vision to create and empower community entrepreneurs, Convosight provides a product suite that allows Facebook group admins to track growth trends and conversation insights, control spam and manage content through smart recommendations.

A number of admins today are looking to monetize their communities through commerce, subscriptions, offline events and brand partnerships. With Convosight, admins can now increase both growth and engagement within their groups.

Speaking of the fund raise, Tamanna Dhamija, Co-Founder and CEO at Convosight said, “Communities are the future of how people will interact online.  There are half a billion engaged users across online communities in Facebook today, created by individuals, influencers or businesses around common interests.  The company plans to scale its reach to millions of community entrepreneurs by further building upon its product.

In these current times, more and more people are turning to communities for support and right information. Now more than ever, community admins need these tools to build and sustain meaningful communities and businesses.”

Commenting on the investment, Vikram Gupta, Founder & Managing Partner at IvyCap Ventures said “We believe that there is immense value in application of data analytics and machine learning for managing and growing social media communities. The uniqueness and inherent stickiness of the Convosight platform with its top tier customers made us very intrigued and we believe this is going to change the way users are engaged within online communities. We are super excited to work with Founders and Sequoia Surge in its scale-up journey. We are also excited about partnering with Sequoia in this investment.”

As part of the investment, IvyCap Ventures founder and managing partner Vikram Gupta will join Convosight’s board.

Convosight was co-founded by Tamanna Dhamija, Tarun Dhamija and Kartik Bansal – founders with over 20 years’ collective experience in finance, data analytics and technology in the US and India. Prior to Convosight, Tamanna and Tarun founded Baby Destination, the largest organically grown network of parenting communities in India.