Trufan, a Toronto, Canada-based company that builds products to improve brand engagement while directly compensating users for their data, raised $2M in Seed funding.
The round was led by Moneta Ventures, Magic Fund, Hootsuite founder Ryan Holmes, popular creator Cody Ko, Cameo co-founder Devon Townsend and Shaw Communications CEO Brad Shaw.
The company intends to use the funds to growth and expand operations in the market.
Led by CEO, Swish Goswami, Trufan is an audience analytics company with a focus on first party data. They are building an end-to-end product to help brands grow and understand their audience while generating first party data so that they can activate their audience whenever and wherever they want. Trufan also houses a large social database with over 10 million audience reports and over 2.4 billion social profiles.
Businesses can create incentives like sweepstakes or discounts and directly offer these to their audiences in exchange for emails, phone numbers, app installs, etc. Users sharing data are already earning rewards in the form of items/gift cards from brands including Sephora, Airbnb and Lululemon or donations at charities including the Girls Who Code and Clean Water Fund.