Qonversion has just raised $850,000 from LVL1 Group and AddVenture, and several other angels. The raised fund will go to the development of the product.
LVL1 founder Lev Leviev said that in 2019, consumers spent $120 billion in app stores. Also, in-app subscriptions make up a third of that spending. He said that this sector's growth is extremely fast. Thus, it needs its infrastructure and analytics tool. Qonversion, he said, tackles both needs.
Qonversion's CEO Michael Stysin explained how Qonversion helps its clients. First, the three components. Building a subscription infrastructure, collecting revenue data from app stores, and sending it to 3-rd party platforms. The cost of these could go up to $20,000 a month. Not to mention the time needed to set everything up and to support. This area is where Qonversion can help developers save time and money, he said.
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Mapple Labs CEO said the platform allows him to send complete in-app subscription revenue data to 3rd party platforms. Such capability is crucial to driving user acquisition. He said that Qonversion allows the company to make fast and accurate decisions when allocating their marketing budget.
Qonversion CPO Eugene Virnik said that their platform provides marketers with out-of-the-box instruments to increase their in-app revenue. Qonversion CTO Sam Mejlumyan added that it easy to set up and test Qonversion SDK. In less than an hour, users have a tool to solve most subscription-related data issues.
What is Qonversion?
Qonversion is a data platform for mobile applications. The platform was founded in 2019 in San Francisco, and it is now used in more than 200 apps. The top applications that have used the platform include Meditation, Dating apps, Language learning services, Sport (yoga, running), Photo-video editors, and Utilities.
The startup aims to help app developers boost in-app revenue through the use of marketing research. The insight will come via integrations with app stores, mobile apps, and ad platforms. It features raw data export, users and access, and customer dashboard. The customer dashboard provides an overview of customers and detailed data on a customer level.
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Qonversion is free for applications that generate less than $10,000 monthly revenue. For larger apps, the Qonversion pricing plan starts at $99. Apart from the regular subscription, they offer trial subscriptions and one-time product purchase. The trial subscription and subscription have different durations. It can be weekly, annual, or lifetime. There are also a 1-, 3-, and 6-month options.
How Qonversion works
The application calls the purchase method. It will initialize the Qonversion SDK. The next step is making a purchase. Conversion SDK communicates with StoreKit or Google Billing Client.
Once successful, the SDK then sends a request to Qonversion API. Then it makes a server-to-server validation of the purchase. Qonversion server then unlocks permissions associated with the product. Finally, SDK returns control to the application with a processing state.
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