Qonversion, the subscription data platform for mobile apps, just raised $2 million in a seed funding round led by Visionaries Club and Flashpoint Venture Capital with participation from S16VC, Blinkist founder Holger Seim, and Braavo founder Sergei Kovalenko.
Qonversion plans to use the funding to set up headquarters in London and expand its engineering and commercial teams to boost growth across the US, Europe and APAC.
With 75% of mobile app revenues to come from subscriptions by 2023, and gaming apps increasingly adoption this type of monetisation, Qonversion is embracing the trend and provides developers with tools to build, analyze, monetize and grow their mobile subscription business.
“Effective mobile app monetization is what often sets apart the winners from the losers in the competitive app business. We provide the monetization toolset, so our clients can focus on building their apps, not the monetization infrastructure,” said Michael Stysin, Qonversion’s Co-founder and CEO.
“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 monetization, I expect the complexity of the required infrastructure only to increase. We are building a one-stop solution that addresses all challenges of subscription monetization.”
Founded in 2019, the company provides support for in-app subscriptions through analytics and data management tools like AB testing and integrations with other platforms to grow subscription revenue.
“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,” added Robert Lacher, Founding Partner at Visionaries Club.
Since its launch, the company has attracted over 1,000 live app partners and is tracking $250 million in annual subscription revenues and analyzing data of over 150 million monthly active app users.