Startups

Location-Finding Device Maker TrackR Raises $10M Series C

Chances are you’ve experienced the unique horror of realizing you’ve misplaced your keys or wallet. To add insult to injury, you likely discovered this just as you were trying to leave the house. It happens to the best of us.

TrackR is a company that has set out to prevent those moments. Its range of lightweight, Bluetooth-enabled devices clip onto key-rings or slip into wallets. The device will then make a beeping sound when in range of either a cell phone running the app, an Amazon Echo with the TrackR skill, or another TrackR device.

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On Friday afternoon, TrackR filed paperwork with the SEC indicating that it’s raised $10.08 million in a Series C financing round. Three investors committed capital to the round, which was fully funded. No further details about this particular transaction are available at this time.

The Series C round brings TrackR’s total known equity funding to $70.35 million, plus an additional $1.55 million the company raised across two product crowdfunding campaigns in 2013 and 2014.

TrackR’s Series B round was closed in August 2017. The $50 million deal—which was led by Revolution Growth and had participation from Foundry Group, Amazon’s Alexa Fund, DoCoMo Capital, and others—valued the company at just over $201 million.

But recent history may suggest that the company’s valuation didn’t rise in this round. In January of this year, TechCrunch reported that the company laid off as many as 42 employees (roughly half the company at the time). That was mere weeks after TrackR’s founding CEO stepped down. The Santa Barbara-based company was also affected first by wildfires and then by mudslides in the region around the same time.

The company continues to innovate on its core product offerings. In partnership with high-end pen maker Cross, TrackR launched the “CROSS Peerless TrackR,” a ballpoint pen with a built-in tracking device.

But, again, apart from keys, wallets, a fancy pen, and some small bags and pouches, there isn’t much else one needs tracked all the time.

If the company can fend off Tile (which has raised $59 million in known funding to date) and other well-funded startups isn’t clear. However, if it fails, it won’t be due to a lack of investor interest or money.

Illustration: Li-Anne Dias

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