Agri-tech innovator TracMap carves path to 'business transformation' with GPE investment
Dunedin-based agri-tech company TracMap has scored investment from Genesis Private Equity, which will help boost GPS tech development and use in the agricultural sector.
TracMap provides GPS technology to farmers and contractors for fertiliser and spray and a job management solution for farmers and growers.
Since its launch, it helps run large and small-scale horticulture and viticulture across New Zealand, Australia and the United States. Its solutions cover harvesting, remote tasking and messaging.
Genesis Private Equity will hold a 25% stake in TracMap, alongside the company's existing shareholders. John Rolleston and Garry Haskett will join the TracMap board as GPE appointees.
"We are pleased with our progress in Australia, and are excited to have Genesis on-board which enables us to invest in the structures and personnel required to build upon our presence in both Australia and California. This new capital will allow us to leverage off our market leading position in several sectors and to transform the business," says TracMap chief David Glen.
Glen believes the Genesis team will benefit TracMap through agriculture and tech skills, experience and networks.
Kieran O'Hagan, Genesis Private Equity executive director, says 'world-class' technology applied in crop production is a huge growth market, and he's excited about the potential.
"This is one area where New Zealand has some significant advantages over many other hi-technology hubs - given our own pastoral background and our kiwi ingenuity combined with great technical ability. In this sector, distance is not a disadvantage, and TracMap are able to service a global market from its Otago base," he says.
"GPE Directors' international experience and networks will add real value to TracMap's board and we're looking forward to partnering with TracMap in their global growth aspirations. This in turn will assist 'NZ Inc' by growing export revenues," O'Hagan concludes.
