US-based Qonversion, a platform for mobile apps that allows them to increase subscription revenue by using subscription data, raised USD 2 million on 10th December.
Investors: The investment round was led by Visionaries Club and Flashpoint VC, and Blinkist founder Holger Seim and S16.vc. A total of USD 2.9 million has been invested so far.
Purpose of funding: The startup intends to establish its headquarters in London and use that funding to grow its engineering team. Additionally, the startup will increase its brand presence in the US, Europe, and the Asia Pacific to help accelerate growth. The startup also plans to approach high-profile clients across Europe as part of its expansion strategy.
About Qonversion
Founded in 2019 by Eugene Virnik, Michael Stysin, Sam Mejlumyan, Qonversion is located in San Francisco, US. It is a platform for mobile apps that increases in-app subscription revenue by using subscription data. It offers the complete toolset for building, analysing, monetising, and growing a mobile subscription business. In addition, the startup provides a back-end infrastructure for collecting and managing reliable data. The platform offers AB testing and data management tools like subscription analytics for growing subscription revenue. With 150M monthly active users, the startup has accomplished a lot since last year.
What the founder has to say
“Effective mobile app monetisation is what often sets apart the winners from the losers in the competitive app business. We provide the monetisation toolset, so our clients can focus on building their apps, not the monetisation infrastructure. The subscription model is becoming the dominant business model on mobile, but there are a lot of complexities involved in managing subscriptions and leveraging subscriptions data. With constant changes in app stores policies and expectations of Apple to allow using 3rd party acquiring for in-app monetisation, I expect the complexity of the required infrastructure only to increase. We are building a one-stop solution that addresses all challenges of subscription monetisation,” said Michael Stysin, Co-founder and CEO at Qonversion.
What the investors have to say
“We believe that there is a huge opportunity in building the tools for the tremendous mobile app vertical. We are impressed with the team’s traction and the product that Qonversion has built in such a short time. We are excited to support Qonversion on their journey and proud to see European teams building global solutions,” said Robert Lacher, Founding Partner at Visionaries Club.
“We believe that more and more mobile applications will be shifting from ads as a primary monetisation model to subscriptions and Qonversion offers the best solution in the market to support the trend,” said Alexander Konoplyasty, Managing Partner of Flashpoint Venture Capital.
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