TrackR raises $50 million in Series B funding
Editor’s note: This post was co-authored by Zach Hoyem, Business Analyst Intern at Orange Silicon Valley.
Does this sound familiar?
It’s early in the morning. You’re groggy from lack of caffeine. Ready to hit the morning commute, you turn to lock your door and… reach into your empty pocket. Where are my keys? So, you trudge back into the house. 20 minutes later you emerge keys in hand -- but now you’re late for work. It’s 2017. Why, oh why, hasn’t anyone done something about this?!
I have news for you.
Orange Fab Fellow TrackR is here to solve this common pain point of misplacing everyday items. They just raised a Series B round for $50 million led by Revolution with co-investments from Amazon, Foundry Group, Lowe, Brockenbrough & Company, NTT Docomo Ventures, and The Glenmede Trust Company.
"At TrackR, our goal is to leverage technology to remember where items are located," TrackR CEO and co-founder Chris Herbert told Business Insider.
TrackR is an adorably tiny Bluetooth-enabled device. It works by using a “Crowd Locate” network. When another user with the TrackR app comes within range of a lost item, a location alert is sent to the owner. The more people that have TrackR, the more likely lost items will be found. (Read: Get your TrackR already!) Amazon has taken a keen interest in TrackR, and partnered with Alexa to help save the day when you lose your phone.
TrackR was founded in 2008 and is headquartered in Santa Barbara. They have raised $61.27 million to date, and have partnered and integrated with other smart objects and geo-locators such as CROSS Pen, Hewlett-Packard, EKSTER Wallet, and GeoZilla. This new round will help improve their in-home tracking (we’re talking room-to-room accuracy) and keep their seat warm on the throne of personal tracking devices.
We have a special place in our hearts for our OGs. TrackR joined Orange Fab in 2013 as part of our very first batch of Fellows. We are extremely proud to have worked with Chris and the rest of TrackR team and are so thrilled by all their success. Keep crushing it, guys!