Tracksuit Financial Model
Consumer/DTC Startup Financials (Free Excel Download)
Always-on, affordable brand tracking SaaS - measures brand awareness, consideration, usage and preference for consumer brands via a proprietary survey platform.
professionals from Deloitte
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About this model
Tracksuit is an always-on brand-tracking SaaS platform for consumer brands. Its proprietary survey system measures awareness, consideration, usage, and preference, making brand-health measurement more accessible than traditional project-based research cycles.
The company sells subscription ARR across New Zealand, Australia, the UK, and the US, with the US positioned as the Series B growth engine. Customer count and ACV should be modelled by market, with enterprise expansion layered on top rather than treating all subscriptions alike.
The model builds ARR by market from new brand customers, plan mix, ACV, expansion, and churn. Survey operations, sales efficiency, customer success, gross margin, hiring, and market-entry investment determine whether the multi-market growth plan supports durable retention and runway.
A turnkey financial model
Live formulas, no hardcoded values
Outputs are driven by live formulas, so the workbook updates from its assumptions instead of relying on hardcoded results.
All assumptions in one tab
Inputs are clearly marked in the Assumptions tab and separated from calculations, making it clear what to change and what to leave intact.
Statements always balancing
For integrated-statement models, the balance sheet, cash flow, and supporting schedules tie through properly.
Distinct schedules for clarity
Debt, working capital, taxes, and cash flow can get messy quickly. We group calculations in clear schedules, not across disconnected tabs.
No hidden macros or external links
There are no unexplained external workbook links or macros to undermine auditability or portability.
Changes flow through the model
Update a key driver and see the impact carry through the forecast, financing, and return outputs. We never use hardcoded numbers in formulas.
About Tracksuit
gotracksuit.com
How to build a detailed financial model for Tracksuit
A complete walkthrough of the business, drivers, and assumptions behind the downloadable Tracksuit model - distilled from its pitch deck and publicly available information.
Product & value proposition
- Always-on brand tracker: measures awareness, consideration, usage, and preference versus a competitive set, updated daily.
- Delivered via a beautifully designed dashboard (web app); multiple views - funnel, timeline, comparison, imagery, statements, profile.
- Proprietary back-end survey platform rebuilt from scratch to be 1/10th the cost of traditional research firms.
- Entry-level price point of $800/month; full-dashboard enterprise tier also offered.
- 75%+ of revenue comes from inbound leads and referrals.
- Vision: "Have our data in every boardroom" - become the common language for brand measurement.
Market
- $8bn global brand tracking market referenced in media.
- No formal TAM/SAM/SOM slide in the deck.
- Context: incumbents are large market research firms (Ipsos, Kantar, Nielsen); addressable TAM in deck is implied as global brand tracking spend.
- Category example shown: NZ Running Gear category - 400K people in category, 3.7M total NZ adults, 11% category penetration.
Revenue model
- Pure subscription SaaS (ARR denominated in NZD, at least at current scale).
- Entry price point: $800/month (~$9.6K ACV) stated as the accessible tier.
- Enterprise tier available (full dashboard), higher ACV - specific price not disclosed.
- Channels: predominantly inbound + referrals (75%+ of revenue); agencies becoming referral partners.
- Multi-product expansion planned: additional data capabilities and new verticals described as future.
- Markets: NZ, AU, UK, US - stacked ARR chart shows US as fastest-growing recent cohort.
Traction & metrics
- ARR: REDACTED (NZD) - number blocked; growth trajectory visible in stacked-bar chart spanning 48 months.
- Total capital burned to reach current ARR: REDACTED - capital efficiency point made but numbers blocked.
- ARR chart (slide 11 image): consistent month-on-month growth across 4 years (Mar ~2021 to Jan ~2025); NZ started first, AU added next, then UK and US; US stack visibly large in most recent quarters; "Series A" annotation mid-chart, "First capital raised" annotation earlier.
- Prior raise: $7.5m seed.
- Customer base: 40+ named logos visible including Mazda, Uber Eats, DoorDash, Pfizer, Steve Madden, Jose Cuervo, The RealReal, Skillshare, MyFitnessPal, Movember, Bondi Sands, Frank Body.
- Inbound / referral share: >75% of revenue.
- No churn, NRR, CAC or payback period figures disclosed.
Unit economics
- Entry ACV: ~$9.6K/year ($800/month).
- Capital efficiency narrative: low burn to ARR ratio claimed but both numbers redacted.
Competition / moat
Three competitive buckets:
- Traditional MR dinosaurs (Ipsos, Kantar, Nielsen) - Tracksuit wins on price (5–10x cheaper) and usability.
- Independent research consultants - Tracksuit wins on always-on dashboard; these consultants are now becoming referral partners.
- Modern data/tech challengers - Tracksuit wins by being the specialist brand tracker, not a generalist.
Stated moats:
- Proprietary consumer data: owns all data collected; historic data moat grows exponentially; enables downstream products (Bloomberg, Google, TikTok, Shopify integrations cited as examples).
- Strong brand & community: built for brand marketers specifically; >75% inbound.
- Counter-positioning: $800/month entry-level price would cannibalise incumbents' profitable enterprise businesses; innovator's dilemma.
Team & funding ask / use of funds
- Named team members in deck: Mike Smith, Phoebe Harrop, Anthony Lee - roles/bios redacted.
- Co-founders implied: Matthew Herbert and Connor Archbold referenced in press.
- Funding ask: Series B - amount not disclosed.
- Use of funds: 80% resource to core survey + data platform (infrastructure for scale); 20% to expanded use-cases, ease of use, efficient GTM, multi-product.
- 2025 priorities: (1) upgrade foundations for scale, (2) expanded use cases, (3) ease of use / next best action, (4) validate new products.
Recommended financial model
- Archetype + why: SaaS ARR model with multi-market cohort build-up. Revenue is subscription ARR across 4 markets (NZ, AU, UK, US); US is the growth engine at Series B. Need to model customer count × ACV by market, with expansion ACV layer for enterprise upsell. Pure SaaS - no transactional or usage-based revenue visible in deck.
- Forecast horizon & granularity: Monthly for Year 1–2, quarterly for Year 3–5. 5-year forecast total; Series B investors will want to see path to profitability / Rule of 40.
- Key drivers & assumptions:
| Driver | Value / Source |
|---|---|
| Starting ARR (NZD) | REDACTED - model must be parameterised; proxy required |
| ARR currency | NZD base; convert to USD for comparability |
| Entry-level ACV | ~$9,600/year ($800/month × 12) |
| Enterprise ACV | ~$30–60K/year; no deck data; typical for mid-market MarTech |
| Entry : Enterprise mix | 70:30 initially, shifting to 60:40 as US matures |
| Markets | NZ, AU, UK, US - separate cohorts |
| NZ/AU growth rate | slower (mature markets); ~15–20% YoY |
| UK/US growth rate | higher (earlier stage); ~40–60% YoY - consistent with chart inflection |
| New logo growth | driven by inbound + small outbound; 75%+ inbound noted |
| Gross margin | 70–80%; SaaS survey platform with proprietary back-end; no COGS disclosed |
| Gross churn | 10–15% annually; no retention data in deck |
| NRR | 105–115%; expansion via enterprise upsell implied |
| Sales & Marketing % revenue | 25–35%; low given inbound dominance |
| R&D % revenue | 20–30%; platform rebuild + multi-product investment noted |
| G&A % revenue | 10–15% |
| Capital efficiency | low burn; management claim; model burn separately |
| FX rates NZD→USD | use spot; sensitise |
- Scenarios (Base / Bull / Bear - which variables flex):
- Bear: US expansion slower than expected (30% YoY), gross churn 18%, NRR 100%, enterprise mix stays low.
- Base: US at 50% YoY, gross churn 12%, NRR 110%, entry:enterprise mix shifts to 60:40 by Year 3.
- Bull: US hyper-growth (70%+ YoY driven by Bloomberg/Google integrations), NRR 120%, new product revenue layer unlocked in Year 3.
- Required sheets / outputs:
- Assumptions - all drivers, toggle for Base/Bull/Bear.
- ARR Bridge - by market; new ARR, expansion ARR, churned ARR, net new ARR.
- Customer Count - new logos, churned logos, ending count by market.
- P&L - Revenue, Gross Profit, S&M, R&D, G&A, EBITDA, net income.
- Headcount - by function (Sales, CS, R&D, G&A); feeds OpEx.
- Cash Flow & Runway - burn rate, cash balance, months of runway vs. Series B raise.
- Unit Economics - CAC, LTV, LTV/CAC, payback by market.
- KPI Dashboard - ARR, ARR growth %, gross margin, NRR, Rule of 40, burn multiple.
Frequently asked
Is the Tracksuit financial model free?+
Yes. The Tracksuit model is a free Excel (.xlsx) download with live formulas. Sign up with your email and the workbook is yours to keep, review, and edit.
What's included in the model?+
A 5-year monthly forecast with P&L, cash flow and runway, valuation (exit multiple plus a DCF cross-check), MOIC/IRR returns, and unit economics, with live formulas throughout.
How was this model built?+
It was built from Tracksuit's pitch deck and publicly available information, then structured to investment-banking standards as a fully editable Excel model.
Can I change the assumptions?+
Yes. You can change assumptions and the live formulas will recalculate in the downloadable Excel model.
Have more financial modelling questions? Contact us
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