Austria-based Tractive, a developer of GPS devices that track dogs and cats in real time around the clock, has $ 35 million in growth funding led by Guidepost Growth Equity applied. In addition, the entrepreneur and former chairman and CEO of Partner in Pet Food, Attila Balogh, took part in this round.
Guidepost General Partner, Chris Cavanagh, and consumer subscription expert, and former Ancestry and Lynda.com CEO Andrew Wait, will join the Tractive Board of Directors.
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Means to improve the battery life of the product
In addition to the funding, the company has also announced significant battery life improvements for its latest generation GPS tracker for dogs and cats. According to Tractive, the new software uses an owner’s WiFi to reduce unnecessary battery drains when pets are at home. The company has also increased battery life by five times.
Proceeds from the round will accelerate the innovation and adoption of the company’s pet tracking device, which currently serves over 400,000 active subscribers in 175 countries.
Never lose your pet again
According to Tractive, approximately 10 million dogs are lost each year in the US alone, including 34 percent of owners who lose their pets (dogs and cats) at least once in a lifetime. Although most dogs or cats are found within the first few hours, this situation can be very scary and stressful for owners. This is where Tractive comes in.
The company solves the problem by providing GPS live tracking with no distance restrictions. It’s also updated every two to three seconds so owners can quickly find their pet wherever they are.
Michael Hurnaus, CEO and co-founder of Tractive, explains: “Tractive is like a seat belt for your dog or cat. It provides coverage when and where you need it. We designed Tractive to deliver the best possible experience with up to the second information so that all pet parents can care for their dogs and cats the way they want and deserve it – whether that means monitoring activity levels to reduce the risk of obesity or track down a dog or cat that has slipped out of the yard. “
The company was founded in 2012 by a group of “paw-ssionate” companies, Michael Hurnaus, Michael Lettner and Michael Tschernuth. They specialize in the development of pet tech, wearables and apps.
Tractive develops GPS tracking devices for dogs and cats. The company develops wearables, apps and online services for pets and provides pet owners with safety and security for their pets.
In addition, Tractive has set up roaming capabilities on more than 600 cellular networks and multiple carriers in the US for tracking in some of the most remote areas where dogs or cats can be easily lost.
Currently, Tractive offers GPS live tracking, virtual fence settings and alerts, and activity and fitness tracking. The device also uses the collected activity, sleep and movement data from a dog or cat to inform pet owners about possible health problems or concerns.
The company’s aim is to give Tractive subscribers an early warning, who in turn can contact a veterinarian if irregularities are found. To achieve this, the Tractive team works closely with veterinarians and canine and cat researchers to ensure that their devices closely monitor key general health data.
Tractive claims that its tracker has a high rating, which made it a feature in the popular Amazon original series, The Pack. The Tractive GPS tracker is currently available for dogs and cats from 8 pounds. The price is $ 49.99.
New talent for expansion in the USA
Back in July 2020, the company had a soft launch of its LTE dog tracker and expanded its reach in the US market, where it was seeing tremendous growth. Tractive claims the U.S. is well on its way to being its largest market through 2021.
With its new funding, Tractive is focused on executing its aggressive scaling plans. The company will invest heavily in customer acquisition and product development, pursue new partnerships and sales opportunities, and add key personnel to oversee growth in the US.
Andrew Bleiman, an established leader in pet tech, joins Tractive as EVP of North America, while Martin Theissen, formerly SVP at Trivago, has been named VP of Marketing.
About Guidepost Growth Equity
It is a growth equity firm that works with technology companies that provide innovative solutions in large, dynamic markets, including technology-enabled services, application software, data and information services, and infrastructure software and services. The company offers flexible capital, operational support, and strategic guidance to support the success of businesses as they grow, and has over $ 1.3 billion under management.
Current and past investments include OutSystems, WP Engine, Lucid, Dyn (acquired by Oracle), Jive Communications (acquired by LogMeIn) and ProtoLabs (IPO on NYSE).
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