Brand health startup Tracksuit has raised $38 million in a Series B funding round led by investment firm VMG Partners, with participation from existing backers Blackbird, Icehouse Ventures, Altos Ventures and Footwork.
The New Zealand company, which delivers a live, AI-powered dashboard to brands, will use the cash to accelerate global expansion and lift its US presence.
An early investor was marketer Mark Ritson.
The company, launched in 2021 now has more than 1,000 customers and reports growth of 130%.
Co-founder Connor Archbold has stepped into the CEO role, leading execution, product and growth strategy. Matthew Herbert, another co-founder, is chief commercial officer.
“Historically, brand tracking has been expensive, outdated, and inaccessible,” said Archbold.
“We built Tracksuit to change that, giving teams a simple, affordable, and always-on way to measure brand performance.
“When brand data is visible and actionable it drives smarter decisions and stronger performance.
“Our goal is to bring brand data into every boardroom, and with VMG, we gain a partner who truly understands scaling consumer brands, and their support will be key as we accelerate growth.”
Tracksuit customer Movember said Tracksuit’s brand health data plays a major role in understanding its position as a culture powered charity across six key markets.
“It helps us progress beyond the perception of an annual calendar event to a movement that focuses on impacting Men’s Health in society,” said Tony Clement, global insights director, Movember.
“The always on, unbiased insights, allows us to see beyond our own echo chambers and truly understand how people perceive the Movember brand.
“These insights inform every part of our marketing campaigns, sharpening our strategy and guiding our efforts toward being a creative force for good.”
Tracksuit plans to double its tracking of brands to 20,000 from 10,000.
“Tracksuit solves one of the hardest problems in marketing — quantifying brand performance in a clear, continuous, and cost-effective way,” said Sam Shapiro, partner at VMG Partners.
“Brand is a company’s most important asset, and Tracksuit enables businesses to make faster, more data-oriented decisions toward building durable brand leadership.”
Tracksuit has more than doubled its team since its Series A funding round, now at 150 employees across New York, London, Sydney and Auckland.
The company plans to hire at least 50 more in the coming year as it continues to scale globally.
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