Flashpoint invests in Qonversion
Qonversion raises $2M seed round to facilitate adoption of subscriptions in mobile apps
Mobile subscription data platform closes latest funding round, co-led by Visionaries Club and Flashpoint VC, alongside Blinkist founder Holger Seim and S16.vc, to power the growth of mobile apps and fuel the European and APAC expansion
Qonversion, a subscription data platform for mobile apps to grow in-app subscription revenue, has raised a $2M seed round co-led by Visionaries Club and Flashpoint Venture Capital with participation from Blinkist founder Holger Seim and S16.vc.
According to Gartner’s research, 75% of mobile app revenue will come from a subscription monetization model by 2023. The top 250 non-gaming apps already make 95% of revenue from subscriptions, and gaming apps are also embracing this type of monetization with 15 top-grossing mobile games adopting in-app subscriptions in 2020.
The startup provides the complete toolset to build, analyze, monetize and grow a mobile subscription business. Qonversion SDK saves engineering resources on implementing and supporting in-app subscriptions, and 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.
Qonversion is setting up its headquarters in London and plans to use this funding to not only strengthen its engineering team, but also build a commercial team to accelerate growth across the US, Europe and APAC regions.
Michael Stysin, Qonversion’s Co-founder and CEO, said: “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. 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”
Since being founded in December 2019, after its founders worked on bootstrapping several mobile apps and faced the complexity of mobile monetization infrastructure firsthand, the company has seen a tremendous growth. Qonversion now has around 1000 live apps on the platform (up from 160 apps 12 months ago), tracking $250M in yearly subscription revenues, and analysing data on more than 150M monthly active mobile app users.
Robert Lacher, Founding Partner at Visionaries Club, added: “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.”
Alexander Konoplyasty, Managing Partner of Flashpoint Venture Capital added: “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.”