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SEATTLE & PASCHING, Austria – (BUSINESS WIRE) – Tractive, the world’s most trusted GPS device for 24/7 real-time location tracking of dogs and cats, announced today that it has closed $ 35 million growth financing led by Guidepost Growth Equity. The investment will accelerate the innovation and adoption of the company’s industry-leading pet tracking device, which currently serves over 400,000 active subscribers in 175 countries, the largest network in the world. Guidepost general partner Chris Cavanagh and consumer subscription model expert and former Ancestry and Lynda.com executive Andrew Wait will join the Tractive board of directors. Entrepreneur and former Chairman and CEO of Partner in Pet Food, Attila Balogh, also joined the investment – the first since starting equipment sales in 2013 as Tractive has had positive cash flow since its inception.
In addition, Tractive announced significant improvements in the battery life of its latest generation GPS tracker for dogs and cats. With new software that uses the owner’s WiFi to reduce unnecessary battery drain when pets are at home, Tractive has increased battery life by five times.
Today’s news comes as Tractive expands its reach in the US market. The US has quickly become Tractive’s fastest growing region since the soft launch of its LTE dog tracker in July 2020, and the US is well on its way to becoming Tractive’s largest market in 2021. With its new funding, Tractive is focusing on implementing its region plans to scale aggressively. The company will invest heavily in customer acquisition and product development, pursue new partnerships and sales opportunities, and hire key people to oversee US growth. 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.
Developed to give comfort to every dog and cat
Founded by an experienced team of consumer tech experts, Tractive has a long track record of finding missing dogs and cats in regions around the world. In the US, approximately 10 million dogs are lost each year, and 34% of owners lose their cat or dog at least once in a lifetime. Although most dogs or cats are found within the first few hours, Tractive realizes that missing their loved one is frightening and stressful for any pet owner. Every minute counts. Tractive solves the problem by providing industry leading GPS live tracking with no distance restrictions. It also updates every two to three seconds, much faster than any other pet tracker on the market, so owners can quickly find their pet wherever they are.
“Tractive is like a seat belt for your dog or cat. It offers coverage when and where it needs it, ”said Michael Hurnaus, CEO and co-founder of Tractive. “We designed Tractive to provide the best possible experience with up-to-the-second information so all pet owners 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 chasing a dog or cat that has slipped out of the yard. ”
The feature-rich device delights consumers
Currently, Tractive offers its industry leading GPS live tracking, setting of virtual fences and warnings, and activity and fitness tracking. The device also uses the collected activity, sleep and movement data of a dog or a cat to inform pet owners about possible health problems or concerns. The aim is to give Tractive subscribers an early warning, who in turn can contact a veterinarian if irregularities are discovered. 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.
In addition, Tractive has built roaming capabilities in more than 600 cellular networks and several carriers in the United States. This virtually removes all geographic restrictions and allows tracking in some of the most remote areas where dogs or cats can easily be lost.
Tractive is the world’s top-rated tracker trusted by users in 175 countries. Because of this combination of factors, it was featured in the popular Amazon original series The Pack. Currently, Tractive has more than 400,000 active subscribers – the largest subscription base of any player in the room. It consistently delivers a retention rate that is on par with the best known subscription companies in the United States
“Tractive is the global leader and has an impressive leadership team, a compelling vision for the market, an innovative product and roadmap, and exceptional customer retention rates,” said Chris Cavanagh of Guidepost Health Technology as well as our experience helping European companies operating in the US Market are expanding and we look forward to helping the company take full advantage of this tremendous opportunity. ”
“I have followed Tractive for many years and am extremely impressed with Michael’s leadership and the performance of the Tractive team,” added Attila Balogh. “I look forward to supporting Tractive’s future growth as they ensure the safety of every dog and cat and reassure owners by allowing them to monitor the location and activity level of their pets.”
The Tractive GPS tracker is currently available for dogs and cats from 8 pounds. At $ 49.99, it’s the best-priced tracker in the US and the lowest monthly subscription rate in the industry. Learn more at www.tractive.com.
About Tractive
Tractive was founded in Austria in 2012 by a group of energetic entrepreneurs who want lost pets to be a thing of the past. They specialize in developing pet tech, wearables and apps. In addition to their GPS trackers and the Tractive GPS app, the company is leveraging its extensive pet data and expertise to find ways to excite its users and make the world a better place for cats and dogs.
About Guidepost Growth Equity
Guidepost Growth Equity is a leading growth equity firm working 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. Current and past investments include OutSystems, WP Engine, Lucid, Dyn (acquired by Oracle), Jive Communications (acquired by LogMeIn) and ProtoLabs (IPO on NYSE). Guidepost Growth Equity provides the flexible capital, operational support and strategic guidance necessary for the continued success of companies in their growth phase, and manages over $ 1.3 billion in capital. For more information, please visit our website at guidepostgrowth.com.
