Tractive is an Austrian company that develops GPS tracking devices designed for dogs and cats. The company has raised $35 million (approx £24.6 million) in growth funding led by Guidepost Growth Equity. Entrepreneur and former Chairman and CEO of Partner in Pet Food, Attila Balogh, also participated in the investment.
How will the funding be used?
The investment will be used to accelerate innovation and adoption of the company’s industry-leading pet tracking device. The company currently serves over 400,000 active subscribers across 175 countries.
The company is planning to expand its operation in the UK market. Tractive plans to grow its UK team and will invest in new talent, specifically in the marketing arena.
The region remains a strategic core focus, as customers within the UK have progressed further in adopting and understanding the market for digital products for pets, than customers in any other markets.
The company will invest heavily in customer acquisition and product development, pursuing new partnerships and distribution opportunities, and adding key personnel to oversee U.S. growth.
Guidepost General Partner, Chris Cavanagh, and consumer subscription model expert and former Ancestry and Lynda.com executive, Andrew Wait, will join Tractive’s board of directors.
Andrew Bleiman, an established leader in pet tech, joins Tractive as EVP of North America, while Martin Theissen, formerly SVP at Trivago, is set to fill the role of VP of Marketing.
GPS live tracking
Founded by a veteran team of consumer tech experts, Tractive has a long track record of finding missing dogs and cats in geographies all over the world.
The company recognises that it is scary and stressful for any pet owner when their loved one goes missing. As a result, Tractive solves the problem by providing industry-leading GPS live tracking with no distance limits.
It also refreshes every two-to-three seconds, much faster than any pet tracker on the market today, enabling owners to quickly locate their pet, wherever they may roam.
Currently, the company offers GPS live tracking, virtual fence setting, and alerts, along with activity and fitness tracking. The device also leverages a dog’s or cat’s collected activity, sleep, and motion data to inform pet owners of any potential health issues or concerns.
The goal is to provide early warnings to Tractive subscribers who, in turn, can connect with a vet if any irregularities are detected. To accomplish this, the Tractive team works closely with vets, as well as dog and cat researchers, to ensure its devices accurately monitor the most relevant general health metrics.
“Tractive is like a seatbelt for your dog or cat. It provides coverage when and where they need it,” said Michael Hurnaus, CEO and co-founder of Tractive. “We designed Tractive to deliver the best possible experience, withup-to-the-secondd information so that all pet parents can care for their dogs and cats the way they want and deserve– whether that means monitoring activity levels to reduce the risk of obesity or tracking a dog or cat that slipped out of the garden.”
“Tractive is the global market leader and boasts 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. “We are excited to leverage our background in the animal health technology sector, as well as our experience supporting Europe-based companies expanding into the U.S. market, and are thrilled to help the company fully realize this tremendous opportunity.”
“I’ve been following Tractive for many years and am extremely impressed with Michael’s leadership and the Tractive team’s accomplishments,” Attila Balogh added. “I look forward to supporting Tractive’s future growth as they ensure each dog’s and cat’s safety and ease the minds of owners by allowing them to monitor their pet’s location and activity level.”
The Tractive GPS tracker is currently available for dogs and cats eight pounds and is priced at £44.99.