Austria-based Tractive, developer of GPS devices that provide round-the-clock, real-time location tracking for dogs and cats, has raised $35M (approx €28.7M) in growth funding led by Guidepost Growth Equity. In addition, entrepreneur and former Chairman & CEO of Partner in Pet Food, Attila Balogh, also participated in this round.
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.
Funds to improve battery life of the product
Besides the funding, the company has also announced significant improvements to the battery life of its latest generation GPS tracker for dogs and cats. Tractive says that the new software will leverage an owner’s WiFi to reduce unnecessary battery strain when pets are at home. The company has also extended the battery life by 5X.
The proceeds from the round will accelerate innovation and adoption of the company’s pet tracking device, which currently serves over 400,000 active subscribers across 175 countries.
Never lose your pet again
According to Tractive, in the US alone, about 10 million dogs are lost every year and among them are 34 per cent owners who lose their pets (dogs and cats) at least once in their lifetime. Though most dogs or cats are found within the first few hours, this situation for the owners can be very scary and stressful. This is where Tractive comes into play.
The company solves the problem by providing GPS live tracking with no distance limits. It also refreshes every two-to-three seconds, enabling owners to quickly locate their pet, wherever they may roam.
Michael Hurnaus, CEO & co-founder of Tractive, explains, “Tractive is like a seatbelt for your dog or cat. It provides coverage when and where they need it. 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.”
The company was founded in 2012 by a group of “paw-ssionate” entrepreneurs Michael Hurnaus, Michael Lettner, and Michael Tschernuth. They specialise in the development of pet tech, wearables, and apps.
Tractive develops GPS tracking devices designed for dogs and cats. It develops pet wearables, apps, and online services, providing pet owners with security and peace of mind with their pets.
Additionally, Tractive has also established roaming capabilities on more than 600 mobile operator networks and multiple carriers in the US to enable tracking in some of the most remote areas where dogs or cats can easily get lost.
Currently, Tractive 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 company’s 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 claims that its tracker is high rated which landed them a feature in the popular Amazon Original Series, The Pack. The Tractive GPS tracker is currently available for dogs and cats eight pounds and up. Priced at $49.99 (approx €41.01).
New talents for expansion in the US
Back in July 2020, the company had a soft launch of its LTE Dog Tracker and had expanded its reach in the US market where it witnessed a huge growth. Tractive claims that the US is on track to be its 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 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.
About Guidepost Growth Equity
It is a 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. The firm provides flexible capital, operational support, and strategic guidance to support the success of growth-stage businesses and has over $1.3B of capital under management.
Some of its current and prior investments include OutSystems, WP Engine, Lucid, Dyn (acquired by Oracle), Jive Communications (acquired by LogMeIn), and ProtoLabs (IPO on NYSE).