Charlottetown-based startup Tracktile has raised $575,000 CAD in pre-seed financing, marking the first investment by the Business Development Bank of Canada’s (BDC) Seed Venture Fund. The funding round was co-led by BDC and Island Capital Partners, with participation from the New Brunswick Innovation Fund.
Founded in September 2019 by Jordan Rose and Jarred Kenny, Tracktile aims to streamline manufacturing operations and reduce costs in the food and beverage industry. The company provides cloud-based software and integrated hardware solutions that help businesses manage inventory, plan production, and analyze real-time operations data. “Securing this funding is a huge step forward for us,” said CEO Jordan Rose. “It means we can dive deeper into our mission of empowering manufacturers with the modern solutions they deserve.”
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Supporting Underrepresented Regions
The BDC Seed Venture Fund, launched last year, focuses on financing startups from underrepresented regions like Atlantic Canada and the Prairies. The fund plans to back 40 companies with investments ranging from $100,000 to $1 million, allocating 60-70% of its capital for new investments and the remainder for follow-on support.
Expansion Plans and Hiring
With nine full-time employees and eight contract workers globally, Tracktile plans to use the pre-seed funding to expand its engineering, customer success, and sales teams, adding five to six new team members. The company aims to enter other manufacturing verticals and expand into the United States. Rose, who has extensive experience in the seafood processing industry, emphasized the importance of modern solutions in industries reliant on outdated technology.
Diverse Customer Base
Tracktile’s customers range from large manufacturers with thousands of products to small businesses with just a few employees. The company’s mission is to make the best operational software accessible to all manufacturers without the need for expensive consultants or custom-built solutions.
With this significant investment, Tracktile is poised to revolutionize manufacturing operations, offering modern, efficient solutions to an industry plagued by expensive and legacy technologies.
