Brand health startup Tracksuit has raised $20.5 million in funding, led by Silicon-Valley based firms Altos Ventures and Footwork.
An early investor was marketer Mark Ritson. The latest funding marks the company’s second external investment, reaching a valuation of $142.9 million in just under three years.
Investors in the round include Allbirds co-founder Tim Brown, leading Australian skincare brand Frank Body co-founder Bree Johnson, and Lenny Rachitsky (ex-Airbnb and founder of Lenny’s Newsletter).
Tracksuit will use the funding for growth into the US and UK market.
“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,” said 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.
“It’s an incredibly exciting time at Tracksuit where we’re moving from experimentation to building and scaling. We’re over the moon to have the support and belief of our incredible investors, as we continue to help the most exciting brands today become the iconic brands of tomorrow.”
Bree Johnson, co-founder of Frank Body, is 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," said Johnson.
"I feel very honoured to come along for the ride, and look forward to seeing Tracksuit change the way people view brand and marketing."
Anthony Lee, Altos Ventures managing director, said 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," Lee said.
"We were impressed by their early traction across four markets, all while being super efficient and maintaining a bootstrapped mindset.”
Lee will also be joining Tracksuit’s board as Tracksuit focuses on US expansion for 2024. He will join Blackbird general partner Samantha Wong on the board. Footwork’s co-founder and general partner Mike Smith will join as board observer.
“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,” said Lee.
Tracksuit was founded in 2021 by co-CEOs Matt Herbert and Connor Archbold.
Headquartered in Auckland with offices in Sydney, the UK and New York, the startup has grown to more than 60 full-time employees and is now tracking more than 4,000 brands across five geographies: Australia, New Zealand, the US, the UK and Canada.
Tracksuit’s Australian customers include brands such as Arnott’s, GHD and Bondi Sands.
The company’s total funding to date now sits at $27.8 million, with existing investors Blackbird, Icehouse Ventures, Ascential and Shasta Ventures also participating in the latest round.
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