How Much Did Trace (TraceHQ.com, Inc.) Raise? Funding & Rounds and Investors

Trace (TraceHQ.com, Inc.) is a cloud-based expense analytics software company founded in 2006 by Matthew Gonzalez, Martin Destagnol, and Mike Gonzalez. Operating in the software development industry, Trace specializes in workforce planning and spend management, providing businesses with unified back-office workflows and automation to manage headcount and purchasing decisions. With a compact team of around 12 employees as of late 2022, Trace was acquired by Paylocity in December 2023.

Trace (TraceHQ.com, Inc.) funding has drawn attention in the cloud-based spend management space, with the company raising a total of $1.5 million over three funding rounds. The Trace funding strategy centered around securing early-stage capital for growth, supporting technological innovation, and scaling operations. Notable milestones include a major Seed round in 2022 and a grant in 2024. Trace funding rounds attracted several institutional and angel investors before its eventual acquisition.

Funding Rounds

Seed - $500K - Feb 06, 2025

This Seed round, led by Y Combinator, was aimed at fueling product development and supporting company growth initiatives.

Grant (prize money) - $260K - Feb 09, 2024

Trace was awarded a grant as prize money from business.gov.au to support focused projects and further the growth of its spend management solutions.

Seed - $1.5M - Feb 22, 2022

The largest Trace funding round to date, this Seed funding was led by Antler and Existential Capital, providing early-stage capital for initial business growth and development.

Key Investors

Antler

Antler is a prominent global early-stage venture capital firm. As a lead investor in the $1.5M Seed round, Antler played a critical role in Trace's initial growth phase and provided strategic support.

business.gov.au

An Australian government initiative, business.gov.au awarded Trace a $260K grant as prize money, enabling the company to accelerate specific projects and expand its impact.

Existential Capital

Existential Capital participated as a key institutional investor in the Seed round, contributing to Trace's early-stage funding and supporting its business development.

Collis Taeed

Collis Taeed is an angel investor, supporting Trace through additional funding and guidance as the company developed its software offerings.

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      "totalRaised": "Trace has raised a total of $1.5M over 3 funding rounds, including 2 Seed rounds and 1 Grant (prize money) round. The latest funding round was a Grant round held on February 9, 2024, raising $260K. The largest funding round was a Seed round on February 22, 2022, raising $1.5M. Trace has 10 investors, including 9 institutional investors such as Antler and Existential Capital, and an angel investor Collis Taeed. The detailed breakdown of funding rounds is: 1) Seed round on February 22, 2022, $1.5M led by Antler and Existential Capital for early-stage growth; 2) Seed round (date not specified) for additional product development or expansion; 3) Grant round on February 9, 2024, $260K from business.gov.au as prize money to support growth or specific projects."
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