Connected infrastructure for the construction industry
Founded: 2003
Headquarters: Aalborg, Denmark
Website
Year Invested: 2015
Year Exited: 2025
IoT division of ZTR
IoT division of ZTR
IoT division of ZTR
IoT division of ZTR
Why we partnered with Trackunit
At the time of GRO’s investment, construction remained a fragmented, asset-heavy industry with limited digital coordination across OEMs, rental companies, and contractors. Equipment data existed but was underutilized, siloed, and largely hardware-driven.
Core opportunity identified
GRO identified the potential for connectivity to evolve from a tracking function into industry infrastructure—enabling transparency, utilization, and decision-making across the full construction value chain.
Why this founder-led team could win
Trackunit combined deep domain knowledge with founder-led conviction to move beyond hardware and build a scalable software platform capable of aligning multiple stakeholder incentives.
What GRO believed could be built
A neutral, embedded operating layer for construction equipment—one that could compound value over time through data density, ecosystem participation, and repeatable execution.
Founder-led Leadership
Under founder-led leadership, Trackunit maintained strategic clarity while increasing operational pace and execution discipline as complexity grew.
Under founder-led leadership, Trackunit maintained strategic clarity while
increasing operational pace and execution discipline as complexity grew.
Former CEO at Trackunit
What fundamentally changed
Trackunit transformed from a European hardware provider into a global SaaS platform at the center of construction connectivity.
How strategy was operationalized
“We had a solid product and early traction — GRO helped us turn that into a repeatable engine.”
- Expanded from rental-focused hardware sales to OEM pre-installed connectivity
- Built a multi-sided platform serving OEMs, rentals, and contractors
- Aligned stakeholder incentives to create reinforcing network effects
We didn’t need more ambition — we needed clarity on what to scale and how.
- OEM partnerships enabling connectivity at manufacturing
- Platform adoption by large international rental customers
- Increasing data density driving customer dependency and switching costs
Platform adoption embedded into everyday operational workflows
- Over 3 million connected machines
- 2 billion data points processed daily
- 7,000+ daily active users
Realized Outcome & Portfolio Significance
In 2025, following a decade-long partnership, Trackunit was acquired by Goldman Sachs from GRO and Hg (co-investor since 2021).
From value creation through platform scale and ecosystem integration to realization via institutional ownership supporting continued global expansion.
The Trackunit exit demonstrates GRO’s ability to partner long-term with founder-led companies, scale them into global category leaders, and realize value through strategic outcomes rather than financial engineering.
Under founder-led leadership, Trackunit maintained strategic clarity while
increasing operational pace and execution discipline as complexity grew.
GRO acted as a strategic partner to leadership — adding perspective, structure, and challenge without displacing founder control.
GRO acted as a strategic partner to leadership—adding perspective, structure, and challenge without displacing founder control.
Supporting the build-out of a globally oriented management team
Strengthening commercial, operational, and go-to-market capabilities
Partnering through multiple strategic acquisitions and international expansion.
Leadership remained the performance engine. GRO’s role was to scale leadership capacity, not substitute it—helping turn one company’s success into proof of a repeatable investment approach.
