New Zealand tech startup Tracksuit secures $22m investment from Silicon Valley

1:40 pm on 28 February 2024
Tracksuit co-founders Matt Herbert and Connor Archbold.

Tracksuit co-founders Matt Herbert and Connor Archbold. Photo: Supplied

This story has been updated to correct the number of companies in Australia, New Zealand and United States that use Tracksuit's real-time marketing tools.

A New Zealand tech startup has secured a multi-million dollar funding boost from Silicon Valley.

Cloud-based market researcher Tracksuit has announced a $22 million investment with two big funders Altos Ventures and Footwork coming on board.

Tracksuit's real-time marketing tools are already used by Sharesies and by more than 400 companies in Australia, New Zealand and the United States.

Co-founder Connor Archbold said the new funding would fuel its growth in the large American and UK markets, with the company now valued at $150m.

"We're over the moon to have the support and belief of our incredible investors, as we continue to help the most exciting brands today," he said.

"Our goal with Tracksuit was to improve upon the traditional market research model by making it much easier to understand and way more affordable - reshaping the future of marketing and market research.

"We've built our platform on best-in-class methodology, and this strategic funding further validates our ambition to be the common language to measure, understand, and communicate the value of brand."

The company was founded three years ago with the aim of offering real-time market research options at a tenth of the price.

"It's an incredibly exciting time at Tracksuit where we're moving from experimentation to building and scaling," he said.

Tracksuit was founded in 2021 by co-CEOs Matt Herbert and Connor Archbold. Headquartered in Auckland with offices in Sydney, the UK and New York, the startup has grown to more than 60 full-time employees, and is now tracking over 4000 brands across five geographies: New Zealand, Australia, the United States, the United Kingdom and Canada.

Tracksuit's Kiwi customers include brands such as Goodman Fielder, Sharesies and Allpress. Globally, they also work with leading companies including MyFitnessPal, Supergoop, SkillShare, and Steve Madden.