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  • Kiwi brand tracking start-up Tracksuit has a $6.8 million seed round

Kiwi brand tracking start-up Tracksuit has a $6.8 million seed round

New Zealand brand tracking startup Tracksuit has raised NZ$7.5 million (A$6.8 million) in Seed round.

The raise was led by Blackbird, which raised $3.6 million, backed by Kiwi VC Icehouse Ventures, Ascential, Shasta Ventures and veteran brand consultant Mark Ritson.

Tracksuit helps companies measure and understand brand value through weekly global surveys to track consumer awareness, consideration and preference.

The Auckland-based martech startup was founded in 2021 by Matt Herbert and Connor Archbold in partnership with TRA Labs, the venture studio arm of the insight firm TRA, and the innovation and venture studio Previously Unavailable. The business was launched during its first 20 months and the funds will be used to expand into new markets and increase the workforce in Auckland, Sydney, New York and London.

Archbold previously worked with Herbert at New Zealand software company Mish Guru.

“I enjoyed building Tracksuit with Matt. We challenge each other in the best way and we share a vision and passion for creating a team and workplace that are both highly effective and highly empathetic,” he said.

“We want to change the world and we hope that one of the ways we will do that is by presenting a very human and team oriented way of building a multi-billion dollar business from New Zealand.”

Tracksuit now has 20 full-time employees and now tracks more than 1,300 brands in Australia, the US, the UK and New Zealand.

Herbert said they have already signed more than 180 consumer brands as customers.

“When we started Tracksuit 20 months ago, we built a cash flow positive, bootstrap business. As demand for our product skyrocketed, we entered into investor talks with confidence, knowing we had the support of an incredible team and strong numbers,” he said.

“The level of immediate demand for Tracksuit is indicative of the shift in consumer companies, focusing less on instant conversion and more on building long-term growth through highly effective, creative marketing.”

Its customer base includes pioneering coffee roaster Allpress, founded in Auckland in 1989 and now a sought-after brand in more than 1,200 independent cafes worldwide.

Global brand leader Rob Lockyear said Allpress has always been a brand-led coffee company.

“Until using Tracksuit, we had no idea what impact our brand spend had on awareness, overweight and preference in NZ, AU and the UK over our main competitors,” he said.

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