Trufan, a startup that helps marketers to collect audience data and analyze social followings, made the announcement yesterday that it has raised $2.3 million in the seed round.
Although the company has raised only $4.1 million so far, Trufan has made two acquisitions. Back in 2019, it acquired Social Rank, which provided its capabilities, like showing brands’ most popular social media followers. Last year, it acquired Playr.gg (https://betakit.com/trufan-acquires-kelowna-based-playr-gg/), which the marketers use to run giveaways. Although the raised amount is good, it is less than that raised by other startups, like DataFleets (https://rushhourdaily.com/datafleets-keeps-useful-data-private-with-federated-learning/).
Until now, Trufan has obtained over 10,000 free users and around 600 paying customers. The top customers include NBA, NFL, Netflix, United Talent Agency, and Sony Music.
Now, the startup is planning to introduce two new products. Trufan will launch an audience engagement platform and privacy-compliant customer data with new pricing and branding. The CEO and co-founder, Swish Goswami, stated that the platform is quite attractive as regulators introduce the new privacy regulations. Moreover, Google and Apple have added new restrictions to ad targeting, based on information from third-parties.
Goswami said in a statement, “No one wants to be tracked anonymously. People don’t want others to take their data. However, most people like the idea of data sharing if they get something in return.”
He also stated that it’s quite essential for brands to make up the first-party customer data due to the limitations of social media. For example, consider you have 50 million followers. Now, each time you post, you don’t reach all the followers. On the other hand, if you have 50 million email or phone numbers, you might reach all the phones or inboxes.
Moneta Ventures is leading the current funding round and Moneta partner, Sabya Das, has joined Trufan’s board of directors. Moreover, Protocol Ventures, GP Ventures, and Athlete Technology groups have also participated in the round. Some angel investors who have invested in the round include Utah Jazz forward Derrick Favors, Chicago Bulls Founder Thaddeus Young, and Innovative Fitness founder, Curtis Christophersen.
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