Tractive has announced that it has closed $35m (£25m) in growth funding led by Guidepost Growth Equity.
The company, which sells GPS tracking devices for pets, said the raise will “accelerate innovation of the device”, in response to an “unprecedented increase” in demand for pet safety in 2021.
In addition, Guidepost general partner, Chris Cavanagh, and consumer subscription model expert and former Ancestry and Lynda.com executive, Andrew Wait, will join Tractive’s board of directors.
Entrepreneur and former chairman and CEO of Partner in Pet Food, Attila Balogh, also participated in the investment.
Furthermore, Tractive announced “significant improvements” to the battery life of its latest generation GPS tracker for dogs and cats. With new software that leverages an owner’s WiFi to reduce “unnecessary battery strain” when pets are at home.
Michael Hurnaus, CEO and co-founder of Tractive, said: We designed Tractive to deliver the best possible experience, with up-to-the second information, so that all pet parents can care for their dogs and cats the way they want and deserve.
“Whether that means monitoring activity levels to reduce the risk of obesity or tracking a dog or cat that slipped out of the garden.”