SEATTLE & PASCHING, Austria--(BUSINESS WIRE)--Tractive, the most trusted GPS device in the world for providing round-the-clock, real-time location tracking for dogs and cats, today announced that it has closed $35 million in growth funding led by Guidepost Growth Equity. The investment 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 investment -- the company’s first since it began selling devices in 2013, as Tractive has been cash flow positive since inception.
Additionally, Tractive announced significant improvements to the battery life of its latest generation GPS tracker for dogs and cats. With new software that leverages an owner’s WiFi to reduce unnecessary battery strain when pets are at home, Tractive has extended battery life by 5x.
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 heavily 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.
Designed to Bring Peace of Mind to Every Dog and Cat Parent
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. In the U.S., approximately 10 million dogs are lost each year, and 34% of owners lose their cat or dog at least once in its lifetime. Though most dogs or cats are found within the first few hours, Tractive recognizes that it is scary and stressful for any pet owner when their loved one goes missing; every minute counts. 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.
“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, 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.”
Feature-rich Device Delights Consumers
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.
Tractive is the highest rated tracker in the world, 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 space. It consistently delivers a retention rate comparable to the best known subscription businesses in the U.S.
"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 up. Priced at $49.99, it is the best priced tracker in the U.S., with the industry’s lowest monthly subscription rate. Find out more at www.tractive.com.
Tractive was founded in 2012 in Austria by a group of paw-ssionate entrepreneurs looking to make lost pets a thing of the past. They specialize in the development of pet tech, wearables and apps. In addition to their GPS trackers and the Tractive GPS app, the company uses its extensive pet data and expertise to come up with ways to delight 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 that partners with technology companies offering innovative solutions in large, dynamic markets including tech-enabled services, application software, data and information services, and infrastructure software and services. Current and prior 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 to support the continued success of growth-stage businesses and has over $1.3 billion of capital under management. For more information, please visit our website at guidepostgrowth.com.