AUCKLAND, Yesterday: Tracksuit, a New Zealand-based startup known for creating exceptional brand trackers, has successfully raised $22 million NZD in a Series A funding round. The funding was led by Altos Ventures and Footwork, prominent Silicon Valley firms.
This significant investment reflects the second time Tracksuit has received external funding, catapulting the company’s valuation to $152 million. It has impressively reached a $10 million annual recurring revenue (ARR) in less than three years. Noteworthy contributors to this round include Tim Brown of Allbirds, Bree Johnson of Frank Body, and Lenny Rachitsky, formerly of Airbnb.
The new funds are earmarked for enhancing Tracksuit’s already leading brand tracking solutions, aiming to deliver unparalleled value to customers. Additionally, the investment will facilitate Tracksuit’s aggressive expansion into the United States and United Kingdom markets.
Connor Archbold, who co-founded Tracksuit and serves as co-CEO, emphasised the company’s mission: “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.”
“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.”
Tracksuit’s commitment to revolutionising brand tracking and market research has been recognised and supported by industry leaders. Bree Johnson, co-founder of Frank Body and a current Tracksuit customer, shared her positive experience and reasoning for investing: “It’s no secret I’m a big fan of Tracksuit. Having used the technology at Frank Body and experiencing first hand the impact it had on our business, it was a no brainer to invest in their team and their vision.”
Anthony Lee, Managing Director at Altos Ventures, expressed his firm’s support and rationale for investing in Tracksuit: “Altos invests in global companies with the potential for long-term, sustainable growth. 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.”
Mike Smith, Co-Founder and General Partner at Footwork, highlighted Tracksuit’s unique position and potential for growth: “Our partner Nikhil was lucky enough to invest in Canva in their seed round a decade ago, and since then Tracksuit is the most special culture we’ve heard about ‘down under’. The business has exceptional signs of product-market fit — not just as a company based in New Zealand, but compared to others around the world.”
Since its inception in 2021 by Matt Herbert and Connor Archbold, Tracksuit has expanded rapidly, now boasting over 60 full-time employees and tracking over 4000 brands globally. The company’s influence spans across New Zealand, Australia, the United States, the United Kingdom, and Canada, serving well-known clients like Goodman Fielder, Sharesies, and Allpress, as well as international brands such as MyFitnessPal and Steve Madden.
With total funding now approximately $29.6 million NZD, Tracksuit is poised for further growth and innovation, backed by a strong consortium of investors including Blackbird, Icehouse Ventures, Ascential, and Shasta Ventures in this latest round.
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