TrackTik Secures $7 Million in New Funding

TrackTik has announced $7 million in new funding.

The Montreal-based security workforce platform has seen massive growth of 826 per cent over the past two years (good enough for 15th in the country, according to the STARTUP 50).

The new funding, courtesy of la Caisse and iNovia Capital, will be used to continue that torrid market growth. The money will also go towards ongoing product development and the hiring of up to 70 new employees, a large increase over the 28 employees the company had in 2016.

The company bills itself as the security industry’s only all-in-one solution, as TrackTik’s enterprise software platform can deliver any kind of component necessary to run a successful security service. This includes real-time guard management, incident reporting, administrative functions and more.

“Having already secured a market-leading position in North America, we are ready to enter new markets,” said TrackTik Founder and CEO Simon Ferragne. “TrackTik is filling an important gap in the workforce management software industry. We’ve proven product fit with more than 100,000 facilities protected each month by tens of thousands of users of our software, it’s exciting to now move into new regions.”

Expansion into Europe and Central America is the next step for the company, as in Europe alone the top enterprise security firms spend around $34 billion each year on woefully inadequate systems, including the now-archaic pen and paper. TrackTik has plans to capture half of the market share in the continent’s largest countries with a system that other competitors just cannot match.

“When we started the company, we were offering a cool smartphone app that was a nice-to-have feature,” said Ferragne. “Since then, we’ve grown to provide a full enterprise software, arming the world’s largest security firms with the next-generation tools and information they need to run their entire company.”

In addition to international expansion, TrackTik hopes to hone in on AI and mobility as they grow their platform. This will provide cleaner trend analysis and allow for less overhead with their clients.

Three years ago TrackTik raised $1 million in a funding round led by Klass Capital.