SEATTLE/PASCHING, AUSTRIA — Tractive, which makes a GPS device for tracking dogs and cats, has closed on $35 million in growth funding.
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,” according to a press release. The round was led by Guidepost Growth Equity.
The 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,” according to the release.
The company plans to invest 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 executive vice president of North America, while Martin Theissen, formerly senior vice president at Trivago, has been named vice president of marketing.
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. Attila Balogh, entrepreneur and former chairman and CEO of Partner in Pet Food, also participated in the investment.
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“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.”
Tractive offers GPS live tracking, virtual fence setting and alerts, along with activity and fitness tracking.
“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 Cavanagh. “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.”
