Published on 17/11/2023
Most of us think of tracksuits as something we climb into on a lazy day at home or when headed to the gym. But in the fast-growing world of brand marketing and more recently brand tracking, Tracksuit is the cool new kid turning heads.
Founded in 2021 by Matt Herbert and Connor Archbold in collaboration with TRA Labs and Previously Unavailable (headed by James Hurman - one of the key creatives behind Simplicity’s success), Tracksuit has been on a rapid journey of expansion ever since.
In two short years, it has crossed the Tasman to Australia, and further afield to the United States and the United Kingdom. Currently, it employs around 25 staff, mostly Auckland-based. A recent $7.5-million capital raise will likely allow it to secure new talent.
Simplicity was one of Tracksuit’s early adopters.
A Kiwi gem with global aspirations
Herbert says his goal for Tracksuit is to provide small to medium-sized companies affordable access to brand-tracking services, traditionally reserved for large corporations.
Through its user-friendly, stylised analytics interface, Tracksuit provides clients with data, tools and trends to inform future marketing decisions, as well as measure the impact and success of campaigns.
Herbert said its new capital will be used to scale the growth and then to hire talent across NZ, Australia, and the US markets where it is focused on.
The emphasis on these primary markets - New Zealand, Australia, the US, and the UK - reflects Tracksuit's determination to establish a strong global presence.
Until its capital raise, also backed by Australasian Venture Capital outfit BlackBird, Tracksuit was funded entirely by its founders.
In an environment where many software-as-a-service (SaaS) businesses are tightening their budgets, Tracksuit's ability to attract funding is a testament to its resilience and innovative approach.
Transforming brand tracking
Tracksuit says its value proposition lies in offering companies a universal language for measuring, understanding, and communicating the value of their brand. As well as reinventing the back end of market research, it made it scalable and widely accessible.
Of course, as an early adopter and fan of Tracksuit, Simplicity’s marketing team sings the praises of this innovative software. Liv Lewis-Long, Simplicity’s head of marketing, says “Tracksuit is a great, practical tool that allows us to apply quantitative metrics to data which is usually really hard to measure in a cost-effective or efficient way. Being able to compare our key brand KPI metrics (awareness, consideration, brand preference) against those of competitors enables us to review and adjust our marketing approach as we go, which fits into our ethos of kaizen (continuous improvement).”
Simplicity NZ Ltd's strategic investment in Tracksuit through Icehouse Ventures Growth Fund I underscores its commitment to supporting innovative Kiwi startups with a global vision.
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