Our Client, Conversific, a Hungarian ecommerce analytics tool developer, has just closed a late seed round of EUR 2M with Hungarian financial investors, Bonitas and Hiventures, after a successful seed funding round of EUR 0.5M in 2018 from Hiventures and the founder group Innonic. In the last transaction Conversific was advised by Absolvo Consulting.
The company offers ecommerce reports and benchmarks, data insights, as well as product and consumer analysis. It has 20k users from 180 countries, more than 90% of the sales is generated internationally, out of which 60% in the US, UK, Canada and Australia.
The recently raised capital will be used for an international market research, subsequent innovation and further product development as well as sales & marketing investments to support international expansion, the co-founder and CEO Norbert Bodog explained.
The management is regularly approached by investors with buy-out intentions; however, the owners would only consider a full exit once the company becomes more sizeable, Bodog pointed out.
Conversific has been generating revenues since its first year of operation, and the annual turnover has increased tenfold since the seed funding. According to their financial plan, Conversific will reach the EUR 3M ARR (annual recurring revenue) point by end 2023, he added.
Conversific ranks first among the analytics tool on Shopify, which position the company aims to protect with its variety of features, as well as its freemium and monthly subscription-based SaaS pricing model.
Conversific’s main target group are micro and small sized companies, with up to 10-50 employees or around EUR 1M to 10M annual turnover, Bodog said.
The COVID-19 pandemics has not affected the company in a negative way, as operations easily moved to a remote working environment, he said, adding that on the other hand, global ecommerce growth has accelerated due to the lockdowns, that has a significantly positive impact on Conversific too.
Congratulations to the Conversific team, thank you for the effective co-operation and we are happy and proud of being part of your success story! We wish all the best and good luck in achieving your ambitious goals!