Convosight, a software-as-a-service (SaaS) platform which allows Facebook community admins to manage their groups, said it has raised $4 million (Rs 30.26 crore) in its pre-Series A round of funding.
The funds were raised from IvyCap Ventures and Sequoia Capital's accelerator programme called Surge, Convosight said in a statement. The startup will use the funds to strengthen its team, technology and marketing, it added.
Convosight was launched in October last year by Tamanna Dhamija, Tarun Dhamija and Kartik Bansal. The startup uses data analytics and machine learning to help admins and brands to create, moderate, grow and leverage their communities on Facebook.
It seeks to tap into admins who are looking to monetize their communities through commerce, subscriptions, offline events and brand partnerships. Currently, it has more than 2,500 communities with over 30 million members are using Convosight.
Prior to floating Convosight, Tamanna Dhamija and Tarun Dhamija had founded digital parenting startup Baby Destination in 2016. Baby Destination had raised funds from GEMs Partners and an angel investor in 2017. Bansal was head of engineering at Baby Destination.
Tamanna Dhamija, who is CEO at Convosight, said that communities are the future of how people will interact online and it plans to scale its reach to millions of community entrepreneurs by further building upon its product.
Vikram Gupta, founder and managing partner at IvyCap Ventures, said the inherent stickiness of the Convosight platform with its top-tier customers prompted it to co-invest in the startup, which works with brands such as Nestle, J&J, Reckitt Benckiser, P&G and Abbott.
Investors
IvyCap Ventures, which was founded in 2011 by Gupta, says it focuses on an entrepreneur-centric investment approach, with an emphasis on sectors such as consumer, healthcare, enterprise technology, financial technology and emerging technology.
Last month, it backed the internet of things (IoT) platform Singularity in pre-Series A funding round.
In November last year, IvyCap led a Series A funding round in the healthcare platform BeYouPlus. In September, the venture capital firm had backed Pharmarack, a healthcare-technology platform that lets businesses automate sales and operations.
The venture capital firm operates at least two funds, with other companies in its portfolio including Biryani By Kilo, Clovia, Vinculum, GrabOnRent, and BlueStone.
Surge is Sequoia's accelerator programme for early-stage ventures. Earlier in the day, Surge announced its third cohort of startups.