Tracksuit raised $13.5 million to prove the value of brand building and usher in the era of sustainable consumer brand growth.
NEW YORK, Feb. 27, 2024 /PRNewswire-PRWeb/ -- Tracksuit, the modern brand tracker for growth brands, today announced it raised $13.5 million in Series A funding to prove the value of brand building and usher in the era of sustainable consumer brand growth. Tracksuit will use the funds to officially launch into the US and UK markets, expand research and platform capabilities, and democratize previously unavailable market research data. Led by Altos Ventures and Footwork, the round marks the company's second external investment since its New Zealand inception in April 2021.
"Tracksuit is an invaluable tool for any marketer looking to gauge the effectiveness of their investments. It's helped us keep a pulse on consumer awareness of Athletic, and understand if what we're doing is working," explained Andrew Katz, Chief Marketing Officer at Athletic Brewing Company, the largest non-alcoholic brewery in America. "Because Tracksuit is 'always on,' we can continuously monitor and understand the health of our brand in real time. Its intuitive and user-friendly interface ensures that key stakeholders can readily access and interpret the data."
Allbirds Co-Founder Tim Brown, Frank Body Co-Founder Bree Johnson, and startup investor Lenny Rachitsky along with the AirAngels fund also participated in the round. Tracksuit's total funding to date now sits at around $18 million USD with previous investors Blackbird, Icehouse Ventures, Ascential, and Shasta Ventures also participating in the Series A round.
"Across the thousands of startup decks I've looked at, I've almost never seen a growth trajectory like the growth Tracksuit has seen," said Lenny Rachitsky, former Airbnb Product Lead and Lenny's Newsletter Founder. "Understanding brand health was a big driver of strategy at Airbnb (such as what are levels of awareness and consideration by market, compared to competitors, etc). My sense is that the teams would have killed for a tool like this."
"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 Anthony Lee, Altos' Managing Director. "Tracksuit has created a simple, beautiful solution to a very real problem, and we've heard from many customers who love the product. 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 to provide deep expertise and guidance as Tracksuit focuses on US expansion for 2024. He will join Blackbird General Partner Samantha Wong on the board, while Footwork's Co-Founder and General Partner Mike Smith will join as board observer. Marketing legend Mark Ritson, who invested in Tracksuit's seed round, also joins the ranks as a formal investor and advisor.
"The funding, along with our partnership with the Altos Ventures team, speeds up our plans to democratize brand marketing data and market research," said Matthew Herbert, Co-Founder and Co-CEO of Tracksuit. It underscores the demise of growth-at-all-costs strategies and lifts the importance of full funnel and top-of-funnel marketing. By helping brands know what marketing efforts are working and how to discuss brand health with their teams, Tracksuit is putting them back in control of their brand-building success."
Tracksuit's notable US customers include Athletic Brewing, Steve Madden, Opendoor, AWAY Luggage, Momofuku, Skillshare, Care/Of, Hexclad, Bread & Butter Wines, Ollie Pet, MyFitnessPal, Supergoop!, and LolaVie.
About Tracksuit
Founded in 2021 by Co-CEOs Matt Herbert and Connor Archbold, Tracksuit is the new source of truth for marketers to understand and communicate what's working to build brand health. Tracksuit surveys tens of thousands of people each week, tracking awareness, consideration, preference, and brand sentiment of more than 4,000 brands across representative markets and demographics, while also benchmarking the brands against their competitors. Tracksuit is growing quickly with 60-plus employees and offices in New York City, Auckland, Sydney, and London. Learn more at www.gotracksuit.com.
About Altos Ventures
Founded in 1996, Altos Ventures is a technology investment firm based in Silicon Valley. Through patient and pragmatic investing, Altos partners with early-stage technology companies, with the goal of building durable and compounding businesses over decades. As a registered investment advisor (RIA) with the SEC, Altos has a uniquely flexible, long-term, and concentrated approach to venture capital, supporting the full lifecycle of companies from inception to global growth and profitability. Altos has partnered with more than 200 companies around the world over more than a quarter century.
About Athletic Brewing Company
Athletic Brewing Company is the largest and most decorated non-alcoholic brewery in America. Athletic is revolutionizing how modern adults drink by crafting game-changing NA beer that can be consumed anytime and anywhere. Launched in 2018, Athletic is now the number one non-alcoholic beer brand in America and a top 25 U.S. beer company. Its award-winning brews are available at more than 50,000 retailers and 25,000 on-premise venues nationwide. Athletic operates custom breweries in Connecticut and California and donates up to $2 million annually to protecting and restoring outdoor spaces across the globe via its Two For The Trails program. Athletic is proudly a Certified B Corporation™. Learn more and shop at www.athleticbrewing.com.
Media Contact
John Forberger, Tracksuit, 1 3059051842, [email protected], https://www.gotracksuit.com/us
SOURCE Tracksuit
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