TrackR rakes in $8.7 mln in Foundry Group-led round


Santa Barbara, California-based TrackR, an automated inventory management system, has secured $8.7 million in funding. Foundry Group led the round with participation from other investors that included Resolute Ventures.

PRESS RELEASE

Santa Barbara, Calif., Oct. 6, 2015 – TrackR, pioneer of the Bluetooth tracker and digital inventory space, has raised $8.7 million in funding for expansion. Foundry Group led the round with participation from Resolute Ventures and several angel investors.

“The TrackR team is revolutionizing how people keep track of their personal belongings and helping users locate lost items thousands of times each day,” says Brad Feld, Co-Founder of Foundry Group. “We’re excited to join the team’s quest to automate how we keep track of our valuables, while eliminating the task of remembering where our items are by using new and innovative technology to keep inventory.”

TrackR is a Santa Barbara, California-based startup company of 15, founded in 2009 by Chris Herbert and Christian Smith, whose mission is to completely automate the process of personal organization and item inventory. TrackR’s innovative technologies replace the need to remember where everything is by putting your mental database onto a computer or phone.

The company blew away their crowdfunding goal raising $1,676,369 on Indiegogo to launch TrackR bravo and has shipped more than a half million units since. They have plans on the horizon to launch an exciting new technology that further streamlines how users keep inventory of their belongings.

“The success of our Indiegogo campaigns were instrumental in learning what aspects of our product customers enjoyed, and solidified our vision of creating a simple way for people to keep track of their belongings,” says Chris Herbert, TrackR CEO & Founder. “This round of funding will now allow TrackR to continue dramatically scaling production to keep up with customer demands, expand customer support teams and continue to innovate the personal inventory management space.”

TrackR was recently named #155 on the Inc. 500 List of Fastest Growing Companies in the U.S. Following the launch of Wallet, sticker and bravo tracking devices via crowdfunding platforms, TrackR made its debut on the Inc. 500 list with 2,541% growth and a total revenue of $2.7 million in 2014. They were also named #14 in the Top Consumer Products & Services category.

TrackR bravo ($29.99), the latest product in the line of trackers, is the world’s thinnest tracking device offering a solution to keep track of and quickly locate consumers’ items. Bravo takes inventory of users’ belongings and uses a Bluetooth distance indicator to locate missing items. Users can ring bravo from the app using the manual alarm and can also ring their phone, even if it’s on silent, directly from their TrackR bravo to find phones hidden in between seat cushions. TrackR finds items out of Bluetooth range by using the TrackR Crowd GPS network. This leading Crowd GPS network is made of thousands of active TrackR users all helping each other locate valuables by automatically pinging the location of lost items to the TrackR network and then back to the original user’s phone.

TrackR currently offers three different solutions to consumers, bravo ($29.99), sticker ($24.95) and Wallet ($29.95), which are available online at TheTrackR.com and Target retail stores.

About TrackR
TrackR is a Santa Barbara, CA-based startup company founded in 2009 by Bluetooth pioneers Chris Herbert and Christian Smith, whose mission is to completely automate the process of keeping track of items. TrackR was most recently named #155 on Inc. 500’s Fastest Growing Companies in the U.S. Today, the company’s app software, cloud databases, and wireless devices help users track and manage where items are in an intuitive way. TrackR revolutionizes how consumers keep track of their items by acting as an automated inventory management system for everything they own. With TrackR, your search is over. Available at www.TheTrackR.com and Target stores.

About Foundry Group
Foundry Group is a venture capital firm investing in early-stage information technology, Internet and software startups. The firm is located in Boulder, Colorado and invests throughout North America.

About Resolute Ventures
Resolute Ventures is a lead Seed and “Pre-Seed” investor. Resolute Ventures is the founding investor in companies including Automattic, BarkBox and Greenhouse.