New Zealand-based startup Tracksuit secures $5 million to democratize brand tracking
- ByStartupStory | February 22, 2023
New Zealand’s brand tracking startup Tracksuit aims to compete against traditional market research companies by providing an affordable and accessible brand insights tool.
Matt Herbert, co-founder and co-CEO of Tracksuit, said that traditional market research and brand tracking usually involves complex data presented in a large slide deck by a consultant who comes in only a few times a year, making it expensive and inaccessible for small and mid-sized companies. Herbert added that Tracksuit aims to provide an affordable and more accessible tool for brand insights.
Tracksuit, the New Zealand-based brand tracking startup, has launched an accessible brand insights tool to compete with traditional market research players. Co-founder and co-CEO Matt Herbert noted that most market research services have been limited to enterprise-level companies, leaving smaller and mid-sized companies with less access to such insights. Tracksuit’s dashboard tracks metrics like brand awareness, consideration, preference, and usage against a company’s competitive set. The software-as-a-service product offers a flat fee that Herbert says is 10x cheaper than the current standard.
New Zealand-based brand tracking startup, Tracksuit, has expanded its brand insights tool to more than 1,300 brands in the United States, the United Kingdom, Australia, and New Zealand. The company recently raised $5 million in its first external funding round, which it plans to use to expand its footprint in the U.S. market. Tracksuit made its first New York City hire in November, and plans to build a 10-person team in the city to support expansion efforts.
Blackbird led the funding round for Tracksuit, with participation from Shasta Ventures, Icehouse Ventures, Ascential, and brand consultant Mark Ritson. The startup recently raised $5 million in its first external funding round, and plans to use the investment to expand its presence in the U.S. market. Phoebe Harrop, a partner at Blackbird, stated that strong brands are what sets great companies apart, and Tracksuit provides a common language for measuring, discussing, and investing in brand health.
Tracksuit is focusing on mid-sized and growing consumer brands in sectors like food and beverage, FMCG, retail, direct-to-consumer, and financial services. According to Herbert, 50% of its clients come from the existing brand tracking market, while the other 50% is a new segment that has not previously been served by the market research industry. Made by Nacho, Charity: Water, and Athletic Brewing Company are among its key clients.
By surveying target customers globally, Tracksuit collects insights for brands. The startup utilizes the surveys to establish a brand’s fundamentals, including the total addressable market, brand awareness, consideration, preference, usage, and how customer perception shifts over time.
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