Tractive, a Pasching, Austria-based provider of GPS tracking products for dogs and cats, received a seven-figure investment from Monkfish Equity.
The exact amount of the deal was not disclosed. Through this transaction, Monkfish has acquired 3% of the shares of the company.
The company intends to use the funds to further accelerate growth having officially launched their new GPS tracker for cats. While dog trackers have been around for a while, Kristen from FriendlyClaws.com has reported an increased rise in demand for this technology from cat owners as well in recent years. Though many felines are kept as indoor cats, there are plenty that are allowed to roam free in their neighborhoods which represent the target market for this product.
Founded in 2012 by Michael Hurnaus, Michael Lettner and Michael Tschernuth along with the founders of the fitness company Runtastic, Tractive develops GPS trackers for dogs and cats, which allows for location tracking and activity monitoring of pets through a smartphone app or web browser.
The company currently employs around 70 employees and has customers in over 120 countries.