Amsterdam-based TRACT, a SaaS platform focused on improving sustainability in agricultural supply chains, has secured $11.2M (approximately €10.58M) in new funding.
The round included investments from existing shareholders Archer Daniels Midland Company (ADM), Cargill, Louis Dreyfus Company (LDC), and Olam, alongside new support from The Working Capital Fund and Rabo Investments, Rabobank’s investment arm.
Carrie Johnson, Board Member of TRACT and Sustainability Analytics and Reporting Director at Cargill, says, “The food and agriculture industry is under increasing public and legislative pressure for greater transparency to help manage environmental and social issues.”
“At Cargill, we believe one of the only ways we can continue to build trust in the industry is through more transparency. That’s why we continue to invest in initiatives like TRACT, which will help accelerate food and agriculture system transformation by improving transparency from growers to retailers across food and ag supply chains.”
A one-stop insights platform across agriculture and food supply chains
The food and agriculture sector is under pressure to meet stricter sustainability goals while addressing supply chain vulnerabilities and growing demands for transparency. TRACT, a platform founded by global industry leaders, offers solutions to these challenges by providing end-to-end supply chain transparency and traceability.
Ed Marcum, Managing Partner at Working Capital Fund, says, “Fragmented sustainability data is a pronounced pain point for corporations seeking to operate ethical and sustainable supply chains.”
“TRACT solves this by offering a one-stop-shop sustainability platform designed by and for industry leaders and unlocks the ability to navigate, oversee, and share sustainability data and catalyse supply chain transformation.”
The platform simplifies data management and standardises sustainability reporting methodologies, enabling companies to focus on achieving measurable environmental and social impact.
TRACT is used by companies to streamline sustainability reporting and provide comprehensive due diligence and data-sharing capabilities.
The platform’s Deforestation Assessment methodologies have been endorsed by firms like Nestlé, Cargill, ADM, and Olam Agri, and it has collaborated with Wageningen University & Research to develop human rights risk scores.
Earlier this month, Olenex partnered with TRACT to enhance traceability and adapt to evolving regulations in the edible oils industry. TRACT supports Olenex through industry-aligned methodologies, comprehensive supply chain insights, and streamlined supplier data management processes.
This collaboration enables Olenex to improve regulatory compliance, particularly with EUDR standards, while boosting operational efficiency and sustainability. Together, they aim to create a more transparent and responsible supply chain for the food industry.
Capital utilisation
TRACT plans to use the new funding to advance initiatives in Scope 3 emissions tracking, farmer income insights, and reporting support for CSRD and CSDDD requirements.
Allison Kopf, CEO of TRACT, says, “We believe in shaping increasingly sustainable agricultural supply chains for a better future. Partnering with The Working Capital Fund and Rabo Investments strengthens our independence as a company and shows confidence in our approach to creating a positive impact in the agricultural sector.”
Kai-Uwe Ostheim, Board Member of TRACT and VP, of Sustainability Portfolio, ADM, adds, “Sustainability stands at the core of our company’s values, and we are thrilled to see the future expansion of TRACT’s unique SaaS platform.”
“Scaling this platform for the agricultural industry is crucial to enhancing sustainability within agricultural supply chains by improving the visibility and harmonisation of sustainability metrics.”
Collaboration with Rabobank
Rabobank, a global player in food and agriculture banking, has announced a collaboration with TRACT to provide sustainable finance options to its members.
“Our partnership with TRACT highlights our commitment to supporting innovative solutions that enhance sustainable agricultural practices,” says, Diane Boogaard, Board Member of TRACT and Head of Global Food System Transition at Rabobank.
“TRACT’s competitive advantage lies in its foundation, built by and for its customers,” adds Roel van Poppel, Board Member of TRACT and Chief Sustainability Officer from ofi (olam food ingredients).
“Our aim is to see TRACT drive scalable impact in the agriculture sector through wider industry collaboration. This growth in the investor base is therefore a significant milestone and opportunity for even more collective progress.”
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