New Zealand’s tech company TracPlus landed a $5M investment for tracking and messaging technology

WELLINGTON, May 15, 2020, NZ Herald. Fast-growing NZ tech company TracPlus has landed a $5 million investment from the largest local venture capital firm, Movac. It puts gives TracPlus the funds to continue an international push for its tracking and messaging technology, used primarily by emergency services, New Zealand Herald reported.

And it shows that contrary to some pundit speculation, the Covid-19 crisis hasn’t quashed all venture capital investment. In fact, as with the Global Financial Crisis, Movac sees it as a time to buy in.

“Successful Kiwi tech firms like Vend, PowerbyProxi and Greenbutton were all founded in the GFC, so we know times like this are great for innovation,” Movac partner Mark Vivian says.

TracPlus was founded in Dunedin in 2007, with the Auckland Rescue Helicopter Trust among its anchor customers.

Emergency, fire-fighting and search-and-rescue remain TracPlus’s biggest markets, but clients also use its tracking technology in areas such as tourism and agriculture. Many customers, such as Christchurch Helicopters – where ex-All Black captain Richie McCaw is a director and pilot – are adaptable to any kind of work.

Other hero customers include CalFire (aka the California Department of Forestry and Fire Protection), San Diego Gas & Electric, Australia’s National Aerial Firefighting Centre and Chile’s Ministry of Agriculture.

Privately-held TracPlus was ticking over at breakeven and revenue around the $2.5m mark when South African expat and one-time PwC M&A manager Trevor McIntyre arrived three years ago.

Last year, revenue was around $7.5m. This year, it’s on track for $10m.