2 days ago
New Zealand software company expands US presence after $42 million funding boost
Tracksuit co-founder and chief executive Connor Archbold.
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Fast growing Auckland-based software company Tracksuit has raised $42 million from private investors to expand its presence in the United States and drive international growth in Asia and Europe.
The four-year-old company has developed survey software for smaller companies which is used to track the prominence and penetration of commercial brands.
"Historically, brand tracking has been expensive, outdated, and inaccessible," Connor Archbold, co-founder and chief executive said.
"We built Tracksuit to change that, giving teams a simple, affordable, and always-on way to measure brand performance."
The new funding was led by San Francisco-based investment firm VMG Partners, with existing investors including Blackbird and Icehouse Ventures also contributing.
Tracksuit has 1000 customers across New Zealand, Australia, the US and parts of Europe, with its software tracking about 10,000 brands - which it wants to double to 20,000 by year's end.
Although aimed at small and medium businesses its clients now include large firms including Zuru, Goodman Fielder, Disney, and KiwiSaver provider Simplicity.
Archbold said the involvement of VMG was significant for its future growth.
"With VMG we gain a partner who truly understands scaling consumer brands, and their support will be key as we accelerate growth."
Tracksuit has 150 staff in New York, London, Sydney and Auckland and plans to hire at least 50 more in the coming year.
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