Toronto-based startup Trufan announced in March 2021 that it has raised CAD 2.3 million in a seed funding round led by Moneta Ventures. Other funding round participants include GP Ventures, Protocol Ventures and multiple angel investors, including Curtis Christopherson (Innovative Fitness founder), Derrick Favours (Utah Jazz forward), and Thaddeus Young (Chicago Bulls forward).
The startup will use the proceeds from the funding round to hire individuals for the development, marketing and customer success teams. It aims to bring the team to 40 people by the end of the year.
Post the deal, Sabya Das, partner at Moneta Ventures, has become a part of Trufan’s board of directors.
About the startup
Trufan was founded in 2018. It is an audience analytics startup whose goal is to help brands better understand their audience while generating relevant insights that enable them to grow. The startup also plans to expand into the first-party data market. With the new capital, it is looking forward to combining its two core products to help brands better utilise first-party data.
First-party data is the data collected directly from a brand’s audience or customers. It is different from third-party data, which is bought from outside sources that are not the original owners of that data, affecting customers’ privacy.
Presently, Trufan’s provides two products that have different purposes. Over 10,000 free users and 600 paying customers such as Netflix, the National Basketball Association, and Sony Music use them. The first product creates first-party data to enable brands to achieve their growth objectives through sweepstakes and discounts in return for emails or phone numbers. The startup acquired this technology when it bought PLAYR.GG in November 2020.
The second product is an audience segmentation tool. That tool helps brands create a report to arrange their followers based on their influence, follower count, or engagement metrics. It got this technology by acquiring Social Rank in 2019. The startup now intends to combine these two products into one consolidated platform and provide an end-to-end experience for users. The new platform would have integrated pricing and a centralised brand that would enable companies to generate first-party data and increase their gaming audience via giveaway marketing and custom API integration while activating first-party data.
Statement from the CEO
CEO Swish Goswami said the main thing they noticed is that a third-party data disaster is going on. He quoted, “What I mean by that is a lot of data that brands traditionally relied upon is going away.”
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