October 21, 2017

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TrackR raises US$50m funding

by Stuart Wilson, Thursday 3 August 2017

Chris Herbert, CEO and co-founder of TrackR
Chris Herbert, CEO and co-founder of TrackR

Item tracking solutions vendor TrackR has secured US$50m in Series B funding led by Steve Murray at Revolution Growth, with Foundry Group, Amazon Alexa Fund, DoCoMo Capital, The Glenmede Trust, and Bespoke Strategies also joining the round. The capital will aid the company as it continues creating reliable solutions to quickly find lost items while growing its global community of users. Prior to its Series B, TrackR has raised over US$10m from Foundry Group, Resolute Ventures, IncWell Capital, Orange Fab, Amazon Alexa Fund, and prominent angel investors.

“At TrackR, our goal is to leverage technology to remember where items are located,” said Chris Herbert, CEO and co-founder of TrackR. “With growing community features such as the TrackR Crowd Locate network, which helps discover over two million lost items every day, finding lost keys and other personal items have never been easier. With this round of funding, we will redefine personal organisation by ensuring nothing is ever lost for millions of consumers while continuing to maintain our leadership position in the intelligent tracking space.”

The Series B funding announcement follows the launch of the TrackR pixel item tracker that helps consumers keep track of important items using sound and light, as well TrackR’s ever-growing partner platform with more than 30 companies. The announcement also accompanies growing integrations with Alexa, the cloud-based voice service behind the Amazon Echo speaker, that allows customers to locate a misplaced phone by simply saying, “Alexa, ask TrackR to find my phone.”

Paul Bernard, director of corporate development for the Alexa Fund, said: “The Alexa Fund is excited to continue our support of TrackR through this follow-on investment, which will help build on their vision for the intersection of their item tracking system and Alexa. The Alexa skill developed by TrackR is an extension of our work with them and has helped make lost phones a thing of the past for our customers.”

Additionally, the Works with TrackR programme, which allows other manufacturers and app developers to incorporate TrackR’s platform into their products, continues to gain momentum. Cross Pens has leveraged its 125-year history of creating luxury pens with TrackR technology to create the Peerless 125 with TrackR, the luxury writing device you can never lose. TrackR ensures partner products are never lost with easy to integrate tools and partnerships with global brands.

Steve Murray, new TrackR board member and managing partner at Revolution Growth, said: “The TrackR team has quickly become a leader in its category and on a small amount of invested capital. We applaud the team’s strategic approach to building the business and are excited to work with them on this next phase as they look to expand the company with new products, strategic partnerships, and innovative software.”

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