Brand tracking start-up Tracksuit have announced that they have secured $22 million NZD in funding by Silicon Valley firms, Altos Ventures and Footwork.
Quickly becoming the leading company for brand tracking in the world, Tracksuit raised $22 million NZD, in a deal that puts their valuation at $152 million NZD, having achieved $10 million in annual recurring revenue in under three years.
Alongside the Silicon Valley firms, Altos Ventures and Footwork, Tracksuit secured funding from high profile investors such as Allbirds Co-Founder Tim Brown, Tracksuit customer and Co-Founder of Australian skincare brand Frank Body, Bree Johnson, and Lenny Rachitsky, ex Airbnb employee.
With the $22 million funding, Tracksuit says this will further their brand tracking solution technology whilst also “supercharging” their growth in the US and UK.
“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,” says Connor Archbold, co-founder and co-CEO of Tracksuit.
“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.”
Having secured the deal, Archbold says they are now moving from experimentation to building and scaling.
Johnson of Frank Body says her first-hand experience with Tracksuit led to a “no-brainer” move in investing in the company.
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Anthony Lee, Managing Director of Altos Ventures says that as a venture capital firm, they invest in global companies with the potential for long-term, sustainable growth, and Tracksuit is exactly that.
“Tracksuit has created a simple, beautiful solution to a very real problem, and we’ve heard from many customers who love the product. We were impressed by their early traction across four markets, all while being super-efficient and maintaining a bootstrapped mindset,” says Lee.
Tracksuit also announced that Lee will be joining their company in providing expertise and guidance in their US expansion, expected in 2024.
“We’re excited now to see US companies adopting Tracksuit’s affordable, always-on solution to track the growth of their brands and empower their marketing teams to make data-driven decisions,” adds Lee.
Mike Smith, Co-Founder and General Partner at Footwork and former COO of Walmart.com and Stitch Fix, says that Tracksuit is the “most special culture” they have heard of since Canva, who they have invested in over a decade ago.
Founded in 2021, Tracksuit now has over 60 full-time employees, with four offices across Sydney, the UK, the US, and their headquarters in Auckland. They are helping over 4000 companies track their brands, such as Sharesies, Allpress, MyFitnessPal, Supergoop, Steve Madden and SkillShare, among others.
