Qonversion, a London-based subscription data platform, has raised €1.7m (£1.45m) in a funding round. This investment round was led by Flashpoint VC and Visionaries Club alongside participation from Blinkist founder Holger Seim and S16VC.
The subscription data platform intends to use the funds to strengthen its engineering team and build a commercial team that will accelerate its international expansion across the US, Europe and APAC region.
Currently, Conversion has nearly 1,000 live apps on its platform, which is up from 160 apps at the same time in 2020.
Founded in 2019 by Eugene Virnik, Michael Stysin, and Sam Mejlumyan, Conversion, is meant for mobile-first companies. It offers cross-platform subscription infrastructure, engagement automation, revenue analytics, and integrations in one place for companies to grow their apps faster.
The company offers a complete toolset to build, analyse, monetise and grow a mobile subscription business. With its solution, it aims to save engineering resources on implementing and supporting in-app subscriptions.
It also provides the back-end infrastructure to collect and manage accurate subscription data. The platform includes subscription analytics and data management tools like AB testing and integrations with other platforms to grow subscription revenue.
“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,” said Michael Stysin, Qonversion co-founder and CEO. “With constant changes in app stores policies and expectations of Apple to allow using third-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”.