Tractive, the Austrian scale-up which offers a GPS device with real-time location tracking for dogs and cats, today announced that it has closed €28.6 million in growth funding led by Guidepost Growth Equity.
The fresh capital will accelerate innovation and adoption of the company’s industry-leading pet tracking device, which currently serves over 400,000 active subscribers across 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 Tractive’s board of directors. Entrepreneur and former Chairman and CEO of Partner in Pet Food, Attila Balogh, also participated in the funding round.
Tractive was founded in 2012, and this is the company’s first round since it began selling devices in 2013, as Tractive has been cash flow positive since inception.
Today’s news comes as Tractive expands its reach in the U.S. market. The U.S. has quickly become Tractive’s fastest growing region since the soft launch of its LTE Dog Tracker in July 2020, and the U.S. is on track to be Tractive’s largest market over the course of 2021. With its new funding, Tractive is focused on executing its plans to aggressively scale. The company will invest stongly in customer acquisition and product development, pursuing new partnerships and distribution opportunities, and adding key personnel to oversee U.S. 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.
According to Michael Hurnaus, CEO and co-founder of Tractive, the products was designed 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– whether that means monitoring activity levels to reduce the risk of obesity or tracking a dog or cat that slipped out of the yard.
Currently, Tractive offers its industry-leading 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.
Additionally, Tractive has established roaming capabilities on more than 600 mobile operator networks and multiple carriers in the United States. This removes virtually all geographic limitations and enables tracking in some of the most remote areas where dogs or cats can easily get lost.