Brand tracking startup Tracksuit secures $20.5m in Series A round
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The news: New Zealand-based brand tracking startup Tracksuit has closed a $20.5 million Series A round led by Silicon Valley-based VC funds Altos Ventures and Footwork.
The numbers: The funding marks the company's second external investment, reaching a valuation of $142.9 million and achieving $9.5 million in annual recurring revenue since it was founded in 2021.
The startup’s total funding to date sits at around $27.8 million, with existing investors Blackbird, Icehouse Ventures, Ascential and Shasta Ventures also participating in the Series A round.
The context: Tracksuit's brand tracking tool uses surveys from thousands of people per week to enable brands to track their consumer awareness and preferences across different markets and demographics, while also benchmarking themselves against their competitors.
Tracksuit is headquartered in Auckland with offices in Sydney, the UK and New York. It tracks 4000 brands across those markets and Canada.
The startup, which counts Australian brands such as Arnott's, GHD, Bondi Sands as customers, said it will use the funding to extend growth in the US and UK markets.
Altos Ventures managing director Anthony Lee will join Tracksuit's board, which already includes Blackbird general partner Samantha Wong, while Footwork’s co-founder and general partner Mike Smith will join as board observer.
What they said: Tracksuit co-CEO and co-founder Connor Archbold said: “Our goal with Tracksuit was to improve upon the traditional market research model by making it much easier to understand and way more affordable — reshaping the future of marketing and market research".
“We’ve built our platform on best-in-class methodology, and this strategic funding further validates our ambition to be the common language to measure, understand, and communicate the value of brand," he added.
The source: Tracksuit media release
