Qonversion Raised $850,000 to Help Mobile Apps Grow Subscription Revenue
Qonversion, a data platform for mobile applications, has raised $850,000 from LVL1 Group and AddVenture. The company helps developers boost in-app subscription revenue by marketing insights using integrations with app stores, mobile apps, and advertising platforms like Facebook. The funding will help Qonversion grow their product.
“App Annie estimates that consumers spent $120 billion in app stores in 2019. In-app subscriptions accounted for roughly one-third of the total spend. This sector is growing extremely fast and requires its own infrastructure and analytics tools. Qonversion tackles both and is the solution this market needs,” – says Lev Leviev, the founder of the investment group LVL1.
Here is how Qonversion’s CEO Michael Stysindescribes the value Qonversion provides to its clients – “Building a mobile subscription infrastructure, collecting revenue data from app stores, and sending it to 3-rd party platforms, could require several full-time developers. This could cost up to $20,000 per month, take weeks to set up and endless hours to support. Our platform helps mobile apps save time and money, and focus on their product.”
“Qonversion allows me to send complete in-app subscription revenue data to 3-rd party platforms like AppsFlyer, when none of my current tools can do this. This is crucial for our team to drive user acquisition. Leveraging Qonversion data, I can make fast and accurate decisions when allocating our marketing budget.” – says Brian Nguyen, the founder and CEO of app development company Mapple Labs Co.
“Our audience includes marketers who need out-of-the-box instruments to increase their in-app revenue. For example, Qonversion powers timely promotion offers via push notification or email triggered by a subscription cancellation event. That alone could increase in-app subscription revenue by 5%,” – says Eugene Virnik, Qonversion CPO.
“Qonversion SDK setup and tests take less than an hour and you get a great tool to solve most of your subscription-related data issues,” – adds Sam Mejlumyan, Qonversion CTO.
Currently, more than 200 apps are using Qonversion. The platform offers flexible pricing. It’s free for applications with under $10,000 in monthly revenue, and the price starts at only $99 for larger apps.
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