Consumer behaviour intelligence platform VTION on Wednesday said it has racked up $1.3 million (around Rs 10 crore) in a pre-Series A round led by YourNest Venture Capital and two other investors.
The startup plans to use the fresh funds to boost its India growth by scaling up its advertising activation strategy, panel enhancement and targeting sector-specific growth initiatives while driving global market expansion.
Founded in 2018, VTION Digital Analytics helps firms in analyzing and deriving inferences of consumer behaviour and trend data. The company provides data intelligence that protects consumer privacy and rewards consumers for contributing their data.
With more than 100,000 downloads of their app from the Google Play Store so far, VTION has grown to be a MarTech company, it said in a statement.
“Our scalable architecture has made us a strong player within the fast-growing SaaS based digital advertising sector. With over 40,000 strong consumer panel, statistically representing over 195 million Android smartphone users, VTION platform generates more than 20 million unique events every day and is used by marquee brands in India for sharper segmentation and efficient message delivery,” said Manoj Dawane, founder and chief executive officer of VTION.
Earlier, VTION had raised $750,000 in two seed rounds which included $500,000 from leading angel investors in India anchored by Angel List and investors from Sweden, US and Dubai apart from raising $250,000 from Core 91 VC. The startup has so far raised about $2 million.
“The dynamics around digital advertising has witnessed huge disruptions over last few years. We find potential in VTION with its privacy first and patent-protected technology stack, especially in the cookie-less world and believe that the platform will be able to corner a disproportionate share of the digital advertising activation market within the next five years,” said Girish Shivani, executive director and fund manager, YourNest Venture Capital.
YourNest is a technology-focused pre-Series A fund. The first fund established in 2012, raised US$ 14 mn and has several companies in the portfolio that have had multiple up-rounds and are on their way to a 4X+ return. With two exits in 2020 – Uniphore and SmartQ – the fund has returned 70% of its corpus (0.7x DPI) to investors.
Consumer intelligence startups have started catching investors’ attention post pandemic period.
Last month, Lenskart led a $2 million (around Rs 15.4 crore) investment in a pre-Series A round in location intelligence platform, GeoIQ.