Toronto-based Trufan, a fan engagement platform, has acquired SocialRank, a audience segmentation platform. Also, Trufan has raised US$400,000 in venture debt from previous backer Round13 Capital, a Toronto-based venture firm.
TORONTO, Nov. 19, 2019 /CNW/ – Trufan, a social intelligence platform that focuses on helping brands activate their grassroots communities, today announced its acquisition of SocialRank, the most valuable audience segmentation platform in the world. The acquisition advances Trufan’s position as the most comprehensive social intelligence platform on the market.
As a Toronto based startup that will celebrate two years on December 7, Trufan has been making waves in the Canadian startup community. The company of 13 led by Swish Goswami and Aanikh Kler, has raised over $1.8M CAD from several NBA players, media executives and Canadian venture firms and worked with numerous clients including Western Union, K-Swiss, Supreme Cannabis, and Kay Jewellers.
“We are passionate about creating the best experiences for brand advocates around the world and helping brands convert consumers from people who just buy to advocates who buy in,” said Trufan’s CEO Swish Goswami.
The founders of SocialRank share a similar passion. Founded by Alex Taub and Michael Schonfeld in 2014, SocialRank has raised $2.1M USD and currently boasts clients such as Samsung US, Netflix, NBA, NFL, Live Nation and L’Oréal. The New York based company of five has developed several product lines including SocialRank for Teams, Market Intelligence, and SocialRank for Content.
Praising SocialRank’s product, Trufan’s COO Aanikh Kler said, “SocialRank has created a unique product that allows its customers to harness the power of big data in an intuitive and seamless way. The collaboration between SocialRank and Trufan will be one of the strongest combined offerings in the entire social ecosystem.”
Whereas Trufan focuses on fan engagement and has a narrow lens on a customer’s audience, SocialRank is the best-in-class product for audience segmentation and has a priority on filtering/comparing audiences. It’s Google for audience analytics. However, the two platforms supplement one another and have common use cases (i.e. surprise and delight fans, product sampling, location-based activations and finding the right influencers). The acquisition will enable brands to choose from a multitude of social analysis options provided by Trufan (and SocialRank) based on their needs.
Trufan will continue to operate and offer SocialRank as a standalone product. As part of the agreement, a full asset transfer of SocialRank’s technology, customer list, brand and website will take place, while Alex and Michael will come on as strategic advisors to Trufan as they pursue their next venture, Upstream.
“We’re very excited about SocialRank becoming part of Trufan. At SocialRank we built a special product and business that had a handful of suitors. We ultimately chose to go with Trufan because of the caliber of their team and the future they are building towards. No one understands social intelligence, fan engagement, and influencer marketing better than Swish and Aanikh. The SocialRank product will only get better in their hands,” said SocialRank’s CEO Alex Taub.
Along with this acquisition, Trufan also raised an additional $400,000 USD in venture debt from Round13 Capital, a Toronto based VC that participated Trufan’s earlier round last February.
Trufan is excited to end the year strong, integrating their platform with social media management platform Hootsuite and getting ready to co-produce an original content series around fandom with Best Crosses Studios. This acquisition will position the company as a cash-flow positive business from December onwards and carry their significant growth into the new year.
Trufan is a leading social intelligence platform helping brands activate grassroots communities made up of super fans and micro influencers. Our intuitive social data fosters a deeper understanding of a brand’s community and social landscape, allowing users to build loyalty with top fans, find affordable/aligned influencers, and sell more. For more information about Trufan visit www.trufan.io.
SocialRank is an audience segmentation tool that helps brands understand, organize and activate audiences on social media. Founded in 2014 and previously headquartered in NYC, SocialRank boasts clients such as the NBA, the NFL, Samsung US, PUMA, United Talent Agency, and much more. For more information about SocialRank visit www.socialrank.com.