Convosight, a Hyderabad-based data analytics startup, has announced that the company has raised $4 million as a pre-series A funding led by IvyCap Ventures and Sequoia Capital.
The company plans to use the funding in order to enhance its product development process, including hiring across product and marketing and improve its technology and data science capabilities.
According to Tamanna Dhamija, the co-founder and CEO of the company, the funding will also be utilised to increase the client base of the startup, which mainly includes community entrepreneurs. The startup will also ramp up hiring across product and marketing.
The company also stated that post the funding, IvyCap Ventures founder and managing partner Vikram Gupta would join Convosight’s board.
This Hyderabad-based startup, founded in October 2019, is the world’s first community management platform built to help Facebook Groups to grow, engage, and monetise by using technologies like data analytics and machine learning.
The platform helps Facebook group admins to track growth trends, conversation insights, control spam and manage content through smart recommendations, and in turn help them to monetise their communities through commerce, subscriptions, offline events and brand partnerships.
According to the company, since Convosight’s launch in late 2019, it is already used by 2500 Facebook communities which have over 30 million community members across the world. The company, currently, has a vast customer base, with names fro Fortune 100 companies like Nestle, J&J, Reckitt Benckiser, P&G and Abbott.
According to Dhamija, in today’s era, there are millions of people actively engaged in online social media communities like Facebook. “These communities are the future of how people will interact online,” said Dhamija. Therefore, the company believes that it is imperative for creating meaningful communities in order to help people in crisis. And that’s why Convosight has been providing community admins with the necessary tools to build and sustain meaningful communities on social media.