Stockholm-based TrusTrace, a SaaS company specialised in product traceability and compliance, announced on Thursday that it has secured $24M (approximately €22M) growth funding led by Circularity Capital, with participation from existing investors Industrifonden and Fairpoint Capital.
The new investment will enable the company to further accelerate its global expansion ambitions by strengthening its presence in key markets, deepening product innovation, and expanding collaborations.
Shameek Ghosh, CEO of TrusTrace says, “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.”
TrusTrace: Provides Fashion supply chain traceability
Founded by Shameek Ghosh, Hrishikesh Rajan, Madhava Venkatesh, and Saravanan Parisutham in 2016, TrusTrace provides a platform for traceability and compliance data management for high volume footwear and textile value chains, especially high-risk commodities and production facilities in high-risk regions.
TrusTrace’s data enables risk management, compliance, product claims, and footprint calculations. It offers the ability to easily and confidently share data about product origin, impact, and more.
In the last 27 months, TrusTrace witnessed a five-fold growth in subscription revenue due to the increasing importance given to traceability.
The company is currently working with global fashion brands seeking to drive sustainable change, manage ESG risks, and ensure compliance across their highly complex supply chains.
Notable TrusTrace customers include Adidas, Brooks Running, Tapestry, Asics, and many more of the world’s largest apparel, footwear, and luxury brands.
The Swedish company also plans to offer its services to regional and mid-size brands in 2024.
The company is headquartered in Stockholm, Sweden, with additional offices in India, France and the US.
Circularity Capital is a European growth stage investor in the Circular Economy. The company works as a hands-on investor, harnessing specialist expertise and knowledge in the circular economy to support the businesses that it backs.
One of its core investment themes is supporting businesses with ‘enabling solutions’ which, through technology, enable customers to be more resource-effective or more circular.
Anders Brejner, Investment Director at Circularity Capital, says, “We see a growing number of global fashion brands looking to transition away from today’s linear ‘take-make-dispose’ model of production and consumption to one that is more sustainable and equitable. We believe this is only possible at scale with the right digital backbone to provide transparency and traceability across complex global supply chains.”
“TrusTrace is a clear leader in this field, with an excellent team, solution, and blue-chip client base – and a great fit with our strategy to back global leaders enabling the circular economy. We are excited to be supporting TrusTrace as it continues to expand worldwide,” adds Brejner.