Trax Acquisition, Valuation, Funding & Investors

Trax was acquired by Form.com in February 2026.

See full Trax profile

Trax acquisition price

Undisclosed

Acquired by Form.com · Feb 2026

Trax revenue at acquisition

$170M

Last twelve months · Feb 2026

Cumulative funding Trax raised

$1B

across 10 funding rounds

Key investors in Trax

Trax Overview

About Trax

Trax is a retail execution and analytics platform using computer vision for shelf monitoring and planogram compliance. It tracks stockouts, pricing, and promotions in stores across 90 countries. Singapore-headquartered with U.S. and Israel offices, Trax equips CPG giants like Unilever and Procter & Gamble with image recognition from 10 million daily shelf captures.


Founded

2010

HQ

SingaporeSingapore

Status

Acquired

Customer focus

B2B

Revenue model

Subscription

Revenue

$170M (Feb 2026)

Valuation

$2B (Apr 2021)

Trax Acquisition

Trax was acquired by Form.com for an undisclosed price on 4 February 2026.

Before the acquisition Trax had raised $1B across 10 funding rounds.

Trax acquisition details
AcquirerDateType
  • Form.com
4 Feb 2026Strategic M&A

Trax Valuation

Trax is currently valued at $2B, based on its Series E in April 2021.

The $640M round was led by BlackRock and SoftBank Group, with participation from Q Holdings Inc, Launchbay Capital, Digital Disrupt, Ontario Municipal Employees Retirement System, Asas Capital and 2 other investors.

Trax's valuation has grown 9.1x from $220M at its Series C in June 2016 to $2B in April 2021, across 5 priced rounds.

Trax valuation by funding round

Trax valuation by funding round
DateStageValuation
Apr 2021Series E$2B
Jul 2019Series D$1.3B
Jul 2018Series D$850M
Feb 2017Series C$250M
Jun 2016Series C$220M

Trax Funding History

Trax has raised a total of $1B across 10 funding rounds.

Trax's first fundraising round was a $7M Series A in August 2013. The most recent completed round was a $400K pre-seed round in October 2021.

Trax funding rounds

Trax funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Oct 2021Pre-seedThe Garage Syndicate$400K--
Apr 2021Series EBlackRock (lead); SoftBank Group (lead); Q Holdings Inc; Launchbay Capital; Digital Disrupt; Ontario Municipal Employees Retirement System; Asas Capital; Sony Innovation Fund; The Ultima Ventures$640M$2B-
Jul 2019Series DHOPU Investment Management Company (lead)$100M$1.3BTrax is a Singapore-headquartered computer vision and in-store analytics platform serving the retail and consumer goods industries. The company's technology tracks products on store shelves, provides inventory management and analytics, and operates in over 50 countries with more than 175 client engagements. Its customer base includes global brands such as Coca-Cola, Heineken, and Nestlé, with major operations in China, Israel, and the United States. The company closed a Series D funding round in July 2019 led by HOPU Investments, a private equity firm focused on China-related venture opportunities in the consumer and technology sectors. The round raised US$100 million at a post-money valuation of US$1.3 billion, as reported by Reuters citing a source with direct knowledge of the deal. With this valuation, Trax became Singapore's second unicorn, following Grab. The fresh capital was earmarked to support global expansion and secure Trax's competitive position in China's consumer landscape. Prior to this round, Trax had raised over US$350 million in total equity financing, with Warburg Pincus as its largest shareholder and other investors including GIC, Boyu Capital, Investec, and Warung Pincus. CEO and co-founder Joel Bar-El indicated at the time that the company was exploring an initial public offering in the United States within the following two years.
Jul 2018Series DBoyu Capital (lead); DC Thomson Ventures$125M$850MTrax Image Recognition, a Singapore-headquartered retail analytics company founded in 2010 by Israeli entrepreneurs Joel Bar-El and Dror Feldheim, provides image recognition and computer vision tools to track retail store stock, displays, and shelf conditions using photos from mobile devices. The company operates in over 50 countries with clients including Coca-Cola bottlers, Nestle, Heineken, Kimberly-Clark, and Henkel, and maintains a major R&D center in Tel Aviv. In July 2018, Trax raised $125 million in a funding round led by Boyu Capital with participation from DC Thomson Ventures, bringing total funding to $235 million. The round valued the company at close to $1 billion according to CEO Joel Bar-El in a Bloomberg interview cited across sources, though specific reports pegged it at $850 million. Proceeds were earmarked for global expansion, particularly in Greater China with a potential new engineering center, R&D, buying out early investors, and preparing for an IPO on Nasdaq or NYSE within 18-24 months. Prior rounds included $64 million led by Warburg Pincus in June 2017, $19.5 million from Investec in 2016, and $40 million Series C in 2016. Trax emphasized rapid adoption in core markets across US, Europe, Asia, and Latin America, positioning itself at the forefront of digital transformation for physical retail amid China's dominant brick-and-mortar sector.
Jun 2017Series DWarburg Pincus (lead)$64M-Trax is a computer vision and retail intelligence company founded in 2010 by CEO Joel Bar-El and chief commercial officer Dror Feldheim, headquartered in Singapore with a major development center in Tel Aviv, Israel. The company provides actionable in-store retail insights through automated auditing of shelf inventory, displays, product promotions, out-of-stock items, and analytics on brand share, serving CPG vendors and retailers like Coca-Cola, AB InBev, Nestle, Henkel, and PepsiCo across the US, Europe, Latin America, and Asia. On June 27-28, 2017, Trax closed its largest funding round to date, raising $64 million led by an affiliate of Warburg Pincus, which invested approximately $50 million and became the largest institutional shareholder, with participation from existing investors including Investec. This brought Trax's total funding raised since inception to between $138.5 million and over $167 million, following prior rounds of $40 million in June 2016 and $19.5 million in February 2017. The proceeds were earmarked for continued innovation in retail insights technology, global expansion into core markets, product development, funding a partnership with Nielsen for the Shelf Intelligence Suite to enhance shelf strategy and execution for CPG companies, and potentially acquiring a competitor. Trax's alliance with Nielsen and this investment underscored its strategic moves to accelerate worldwide growth, leveraging Warburg Pincus's expertise in retail, technology, and consumer sectors.
Feb 2017Series CInvestec (lead)$20M$250MTrax Image Recognition, founded in 2010 by CEO Joel Bar-El and chief commercial officer Dror Feldheim, completed a $19.5 million financing round on February 7, 2017, led by Investec Bank. The company, headquartered in Singapore with a major development center in Tel Aviv, develops a computer vision platform that analyzes retail shelf images to provide real-time actionable insights to consumer goods companies and retailers in over 45 countries. At the time, Trax was processing over 8 million images monthly, representing a quarter of a billion products captured and analyzed. The investment was intended to expand Trax's global operations, with a focus on products and services for top-tier retailers. By early 2017, Trax had raised nearly $100 million since inception.
Jun 2016Series CBroad Peak Investment (lead)$40M$220MTrax is a Singapore-based retail analytics technology provider founded in 2010 by Joel Bar-El and Dror Feldheim, offering computer vision technology that processes photographs of store shelves taken by mobile devices to analyze retail displays for operators and consumer product brands like Coca-Cola and Anheuser-Busch InBev. The company operates in 45 markets with over 150 customers in retail and FMCG industries. In June 2016, Trax raised $40 million as part of its Series C funding round led by Broad Peak Investments, bringing prior funding to levels that positioned it for further growth. This round preceded additional Series C tranches of $19.5 million in February 2017 led by Investec, and later rounds including $64 million in June 2017 led by Warburg Pincus, $125 million that boosted total funding to $235 million with a near-$1 billion valuation, $100 million Series D in July 2019 led by Hopu Investments, $650 million Series E in April 2021 led by SoftBank Vision Fund and BlackRock, and $50 million venture debt in January 2024 from Deutsche Bank. Trax expanded with US headquarters in Atlanta in March 2016 and later acquired LenzTech in June 2019 and Shopkick in July 2019 to enhance AI, crowdsourcing, and shopper engagement capabilities.
Dec 2014Series BBroad Peak Investment (lead)$15M-Trax Retail raised $15 million in December 2014 as part of its Series B funding round. This followed a $15.7 million raise in February 2014, also within Series B, and a $6.6 million Series A in August 2013. Broad Peak Investments later led Trax's Series C rounds, with $40 million in June 2016 and $19.5 million in February 2017.
Feb 2014Series B-$16M-Trax, an Israeli-Singaporean image recognition company founded in 2010, raised $15 million in a Series D funding round on December 16, 2014, from previous investors and Singapore’s Broad Peak Master Fund. This brought total funding to $37 million at that point. The funds supported expansion in the US and Europe, new product offerings, partnerships in market research and consumer space, and securing a position in the crowdfunding market.
Aug 2013Series A-$7M--

Who has invested in Trax?

16 investors have backed Trax across its funding rounds, including Broad Peak Investment, SoftBank Group, Warburg Pincus, BlackRock, Sony Innovation Fund and Boyu Capital.

Lead investors include BlackRock, SoftBank Group, HOPU Investment Management Company, Boyu Capital, Warburg Pincus and 2 other investors.


Trax Investors

Investors in Trax by funding rounds participated
InvestorHQRoundsRoleFirst check
Broad Peak InvestmentUnited StatesPortland, OR2LeadDec 2014
Boyu CapitalChinaBeijing1LeadJul 2018
Q Holdings IncUnited StatesNew York City, NY1ParticipantApr 2021
InvestecSouth AfricaCape Town1LeadFeb 2017
SoftBank GroupJapanTokyo1LeadApr 2021
Launchbay CapitalUnited KingdomLondon1ParticipantApr 2021
HOPU Investment Management CompanyChinaBeijing1LeadJul 2019
The Garage SyndicateUnited StatesWilmington, DE1ParticipantOct 2021
BlackRockUnited StatesUnited States1LeadApr 2021
Warburg PincusUnited StatesNew York City, NY1LeadJun 2017
Digital DisruptCyprusNicosia1ParticipantApr 2021
Ontario Municipal Employees Retirement SystemCanadaToronto1ParticipantApr 2021
DC Thomson VenturesUnited KingdomDundee1ParticipantJul 2018

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by Trax

Trax has acquired 6 companies to date.

Last acquisition by Trax was on March 11th 2020. Trax acquired Survey.com for undisclosed valuation.


Latest Acquisitions by Trax

Survey.com
Qopius
Planorama
Shopkick
Description
Survey.com is a crowdsourced platform for retail execution audits and merchandising across the United States. Its mobile app deploys workers for store checks, shelf compliance, and promotional verifications, capturing GPS-stamped photos and data in real time. Custom dashboards deliver store-level insights instantly to CPG brands and retailers like Walmart and Target, covering all 50 states.
Qopius is a retail analytics platform using AI computer vision to monitor supermarket shelves via cameras, detecting stockouts, planogram compliance, and product placement. Antwerp-headquartered, its Retail Pulse dashboard tracks SKUs for FMCG giants like Unilever and retailers such as Albert Heijn. The image recognition engine processes video feeds for real-time insights. Launched in 2019, Qopius operates in over 5,000 stores across Europe.
Planorama is an AI-powered platform specializing in retail execution and merchandising analysis for manufacturers and retailers. It employs deep learning and neural networks to process shelf images from smartphones or other devices, identifying products and delivering real-time insights on assortment, pricing, and availability. Paris-headquartered since its founding in 2016, the company supports major clients like Unilever, Mondelez, and Coca-Cola across multiple continents from offices in Europe, Asia, and the Americas.
Shopkick is a Redwood City-headquartered mobile rewards app, now part of Trax, that incentivizes consumer engagement for brands and retailers through virtual currency called kicks. Users earn rewards by walking into stores like Best Buy and TJ Maxx, scanning products from Clorox and Unilever, or making purchases online and offline. The platform delivers path-to-purchase data across 200 million annual store visits. Founded in 2010, Shopkick operates in the US via iOS and Android apps.
HQ CountryUnited StatesFranceFranceUnited States
HQ City
Boston, MA
Paris
Paris
San Francisco, CA
Deal Date11 Mar 202018 Feb 202029 Jul 201924 Jun 2019
Valuationundisclosedundisclosedundisclosed$200M
EV/Revenue
EV/EBITDA

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Trax Competitors

Trax competitors include listed companies like Business-intelligence, Innodata and DoubleVerify, and private ones like Devo, Horizon3.ai and Neo4j.

Public and private companies comparable to Trax
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
DevoUnited StatesUnited StatesPrivate--$2B-
Horizon3.aiUnited StatesSan Francisco, CAPrivate$30M-$2B-
Neo4jSwedenMalmoPrivate$200M-$2B10.0x
Business-intelligenceChinaChinaPublicly listed$389M$54M$2B5.9x
InnodataUnited StatesUnited StatesPublicly listed$252M$47M$2B5.2x
DoubleVerifyUnited StatesUnited StatesPublicly listed$748M$136M$2.1B2.5x

Trax Public Comps

Trax is no longer listed, but its public comps include Business-intelligence, Innodata, DoubleVerify, Planisware, Karooooo, Amplitude, Shanghai DZH, Teradata, Red Violet and Clarivate.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Business-intelligence$389M$54M6.6x5.9x47.7x-
Innodata$252M$47M6.8x5.2x36.6x22.7x
DoubleVerify$748M$136M2.7x2.5x14.6x7.4x
Planisware$228M$78M7.3x6.7x21.5x18.4x
Karooooo$337M$148M6.3x5.7x14.3x13.8x
Amplitude$343M($76M)4.6x4.1x(21.1x)98.8x
Shanghai DZH$123M($545K)18.1x-(4082.3x)-
Teradata$1.7B$285M1.4x1.5x8.4x5.3x

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Common questions about Trax

When was Trax founded?Trax was founded in 2010.
Where is Trax headquartered?Trax is headquartered in Singapore, Singapore.
Is Trax publicly listed?No, Trax was acquired by Form.com in February 2026.
Who acquired Trax?Trax was acquired by Form.com in February 2026.
What is Trax's valuation?Trax was last valued at $2B in its Series E in April 2021.
How much funding has Trax raised?Trax has raised $1B across 10 funding rounds.
What was Trax's last funding round?Trax's last funding round was a $400K pre-seed round in October 2021.
Who are Trax's investors?Trax's investors include Broad Peak Investment, Boyu Capital, Q Holdings Inc, Investec, SoftBank Group, Launchbay Capital, HOPU Investment Management Company, The Garage Syndicate, BlackRock, Warburg Pincus and 6 others.
Which companies are comparable to Trax?Companies comparable to Trax include Devo, Horizon3.ai, Neo4j, Business-intelligence, Innodata and DoubleVerify.
How many companies has Trax acquired?Trax has acquired 6 companies, including Survey.com, Qopius, Planorama, Shopkick and LenzTech.
What was the largest acquisition by Trax?The $200M acquisition of Shopkick in June 2019 is the largest acquisition Trax has made to date.

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