Trufan Raises $2.3M to Enhance Audience Engagement for Startups

Trufan Secures $2.3 Million in Seed Funding

Trufan, a company specializing in tools for marketers to analyze social media followings and gather audience insights, has announced the completion of a $2.3 million seed funding round.

Strategic Acquisitions and Growth

Despite a total funding of $4.1 million to date, Trufan has demonstrated rapid expansion through strategic acquisitions.

In 2019, the company acquired SocialRank, integrating its capabilities to help brands identify their most influential social media followers.

Further bolstering its offerings, Trufan acquired Playr.gg last year. This platform enables marketers to conduct giveaways, collecting valuable consumer data like email addresses in exchange for participation.

Current User Base and Notable Clients

Currently, Trufan boasts a user base exceeding 10,000 free users. Furthermore, the company serves over 600 paying customers.

Among its clientele are prominent organizations such as Netflix, the NBA, the NFL, Sony Music, and the United Talent Agency.

Future Plans: Platform Integration and Privacy Focus

The startup intends to consolidate its core products into a unified platform. This new offering will focus on privacy-compliant customer data and audience engagement.

A rebranding exercise and revised pricing structure will accompany the platform launch.

Swish Goswami, co-founder and CEO, emphasized the platform’s relevance in the evolving data privacy landscape.

He stated that the platform will be particularly appealing as new privacy regulations are introduced and as tech giants like Apple and Google implement stricter ad targeting limitations.

The Value of Data Exchange

Goswami highlighted a shift in consumer attitudes towards data sharing.

“Individuals are increasingly unwilling to be tracked anonymously,” he explained. “However, they are often receptive to sharing data if they receive tangible benefits in return.”

He further noted the importance of building first-party customer data, especially considering the reach limitations of social networks.

“While a brand might have a large follower count, actual post reach is often significantly lower.” Conversely, a substantial list of email or phone numbers offers a more reliable communication channel.

Investment Details

The funding round was led by Moneta Ventures, with partner Sabya Das joining Trufan’s board of directors.

Additional investors included GP Ventures, Protocol Ventures, and Athlete Technology Group.

Angel investors participating in the round were Curtis Christophersen, founder of Innovative Fitness, and NBA players Derrick Favors (Utah Jazz) and Thaddeus Young (Chicago Bulls).

Investor Confidence

Sabya Das expressed strong confidence in Trufan’s vision.

“Trufan is significantly advanced in addressing and overcoming obstacles within the customer data sector,” Das stated. “We are enthusiastic about supporting them due to their exceptional founding team, dedicated staff, and their commitment to resolving the challenges associated with first-party data.”