TrackR Closes $50M Dollars In Series B Funding Led By Revolution Growth
Significant Series B funding caps off an incredible year of growth highlighting sales, partnerships, and worldwide adoption
SANTA BARBARA, Calif., Aug. 2, 2017 /PRNewswire/ -- Today, TrackR®, a leader in personal item tracking, announced it has secured $50M in Series B funding led by Steve Murray at Revolution Growth, with Foundry Group, Amazon Alexa Fund, NTT DOCOMO Ventures, 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 $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 organization 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."
"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," said Paul Bernard, director of corporate development for the Alexa Fund. "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 program, 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.
"The TrackR team has quickly become a leader in its category and on a small amount of invested capital," said Steve Murray, new TrackR board member and managing partner at Revolution Growth. "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."
About TrackR:
TrackR was founded in 2009 to end the search for lost items. The company's app software, cloud databases, and item trackers revolutionize how consumers keep track of their keys, phone and all their items, so they can effortlessly manage everything with one simple app. TrackR has shipped more than five million devices, has been ranked as the #1 fastest growing company by Pacific Coast Business Times and #155 by Inc. 500. TrackR is backed by Revolution Growth, Foundry Group, Resolute Ventures, IncWell Capital, Orange Fab, Amazon Alexa Fund and others. With TrackR, your search is over. TrackR is available at www.TheTrackR.com and retail outlets worldwide.
About Revolution Growth:
Founded and led by Steve Case, Ted Leonsis, and Donn Davis, Revolution Growth invests in companies that can change the world. Its mission is to build disruptive, innovative businesses that offer consumers more choice, convenience and control in their lives. By taking a long-term approach and developing a true, hands-on partnership with entrepreneurs and management teams, Revolution Growth brings a unique strategy and passion to investing in and building significant companies. For more information, visit www.revolution.com/growth.
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SOURCE TrackR
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