Kiwi brand tracking martech Tracksuit trousers another $38 million in Series B

Trans-Tasman VC Blackbird has tripled down on New Zealand-born brand tracking platform Tracksuit in a $38 million in a Series B.

The round was led California consumer brands investor VMG Partners, supported by existing backers Blackbird, NZ’s Icehouse Ventures, and San Francisco’s Altos Ventures, and Footwork.

Tracksuit previously raised a $20.5 million Series A in February 2024, co-led by Altos and Footwork and kicked off with a Blackbird-led $6.8 million Seed round 12 months earlier. The Series B values the business at $400 million.

The team has doubled since the Series A to 150 employees in New York, London, Sydney and Auckland and plans to add 50 more in the coming year. Several new product launches are planned for later this year.

Connor Archbold and Matt Herbert founded the marketing tech analysis platform in 2021, with the latter stepping away from co-CEO, to chief commercial officer, with Archbold flying solo as top dog.

The new cash is for global expansion and bolstering a push into the US market and launching further in Europe and across Asia. It currently operates in North America, the UK, Ireland, France, Germany, Australia, and New Zealand and is used by more than 1,000 brands to track metrics such as brand awareness, consideration, usage, preference, and perceptions on a live, AI-powered dashboard.

The business already tracks 10,000 brands and hopes to double that figure this year.

Archbold said they built Tracksuit to give teams a simple, affordable, and always-on way to measure brand performance.

“When brand data is visible and actionable it drives smarter decisions and stronger performance,” he said.

“Our goal is to bring brand data into every boardroom, and with VMG, we gain a partner who truly understands scaling consumer brands, and their support will be key as we accelerate growth.”

Sam Shapiro from VMG Partners said Tracksuit solves one of the hardest problems in marketing – quantifying brand performance in a clear, continuous, and cost-effective way.

“Brand is a company’s most important asset, and Tracksuit enables businesses to make faster, more data-oriented decisions toward building durable brand leadership,” he said.