Onspon, an online marketplace for event sponsorship, has closed around $150,000 in its seed funding round from Indore-based Swan Angel Network.
With the new capital coming to the company, the startup will use the same to scale up operations. It will also spend money for marketing efforts and enhancing technology.
The Mumbai-based firm was founded with the objective of automating the process of making sponsorship decisions, and securing access to timely sponsorship.
Founded by Hitesh Gossain, Onspon offers a tech platform to help brands find sponsors. It helps in creating a profitable and well managed event. It connects brands with event organisers through an algorithm based on the demographic data of audience. It also considers targets of brands and marketing budgets of brands.
It has aggregated over 9,000 events, more than 12,500 event managers besides 350 brands on the website. It claims to have 10000 Mn+ sponsorships on the website. It has brands like Tata Motors, Daikin, Adani, Zebronics and Nissan already using its services.
Hitesh Gossain, founder of Onspon, said,
There are several startups and new-age brands that require associations and synergies to attain a product/market fit and scale. Also, there is no revenue source for events in India apart from ticketing. However, the cost associated with creating high quality events are plenty and are growing by day. Hence the net result being diminishing returns in the event business, leading to shortage of quality events and the dispersed nature of the industry.
As per IEG, event sponsorship is a $56 billion industry with almost $4 billion of it coming from Indian sub-continent alone.