London-based in-app purchase and subscription platform Qonversion announced that it has raised a $2 million seed round co-led by Visionaries Club and Flashpoint VC. S16VC, Blinkist, and Braavo founders also participated in the round.
Founded in 2019 by Michael Stysin and Eugene Virnik, Qonversion provides a platform for cross-platfom subscription infrastructure, A/B testing, revenue analytics, engagement automation, and integrations for mobile-first companies.
The company plans to use the funding to launch new features faster, set up its headquarters in London, and expand commercial and engineering teams for growth across the United States, Europe, and APAC.
The company, which had 160 live app partners at this time last year, now has 1,000 app partners, with $250 million in annual subscription revenues and over 150 million monthly active app users.
“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,” said Michael Stysin, Qonversion’s Co-founder and CEO.