TrusTrace, a Stockholm, Sweden-based SaaS company providing a platform for product traceability and compliance, received a $24M growth investment.
The round was led by Circularity Capital, with participation from existing investors Industrifonden and Fairpoint Capital.
The company intends to use the funds to further accelerate its global expansion ambitions by strengthening its presence in key markets, deepening product innovation and expanding collaborations.
Led by Shameek Ghosh, CEO, TrusTrace offers a platform for supply chain traceability and compliance, enabling brands and suppliers around the world to standardise how supply chain and material traceability data is captured, digitised and shared. Through providing access to validated supply chain data, TrusTrace empowers brands to identify, understand and improve the impact of their supply chain. The data can be used for risk management, compliance, product claims and footprint calculations, offering the ability to share data confidently and easily about product origin, impact, and much more.
Notable customers include adidas, Brooks Running, Tapestry, Asics and many more of the world’s largest apparel, footwear and luxury brands.
TrusTrace also plans to offer its services to regional and mid-size brands in 2024.
Commenting on the news, Shameek Ghosh said: “A growing number of fashion and textile brands are adopting supply chain traceability to support their sustainability goals and ensure competitiveness in the face of mounting regulatory and consumer pressure. The completion of this growth investment is further evidence that businesses see traceability as critical to achieving their sustainability goals. Backed by new funding, TrusTrace will further cement its position as the fashion industry’s trusted partner for identifying and managing supply chain risk, ensuring compliance and driving sustainability across value chains.”
FinSMEs
18/01/2024