TrusTrace, a Stockholm-based SaaS startup that deals with supply chain transparency and product traceability within the fashion, food and retail industries, has raised $6M (€ 5.1M) in a Series A round of funding led by Industrifonden and Fairpoint Capital.
The round also saw participation from previous investors BackingMinds along with support from Fashion for Good.
Fund utilisation
The company claims the proceeds from the round will be utilised to speed worldwide expansion, extend product development, and improve the team to continue providing supply chain transparency to brands.
“TrusTrace enables product-level traceability and supply chain transparency to drive better, more sustainably-conscious and socially responsible sourcing decisions,” says Shameek Ghosh, CEO and co-founder of TrusTrace.
“With this latest funding round, we will continue leveraging cutting-edge technology and the best minds in the industry to achieve positive, restorative change for people and the planet,” he added.
International rules, investor scrutiny, and consumer demand are all driving up demand for green tech and sustainability solutions, which are anticipated to reach $58B(€50B) by 2027, the company said in a press note.
Tech at play
AI, Blockchain, and BOTS are all said to be used in the TrusTrace platform. The company claims that the platform’s open architecture allows it to interface with systems from retailers, manufacturers, and suppliers, as well as third parties including certification organisations, lifecycle databases, and other sustainability solution providers. TrusTrace claims to have over 8,000 suppliers, 250,000 products, and over $12B worth of goods monitored on the platform.
About TrusTrace
Founded in 2016, TrusTrace is a SaaS startup that enables fashion, food, and retail firms with supply chain transparency and traceability. Fjällräven, Filippa K, Zalando, Decathlon, and Coop are among the company’s current customers. The company is headquartered in Stockholm, Sweden, along with offices in India and France.
Ghosh says, “Industrifonden and Fairpoint Capital are the perfect partners to accelerate our growth and drive the global expansion of our sustainable platform. We are also thrilled to continue collaborating with Backing Minds, who were our first investors, and Fashion for Good. Together with our partners, we can continue helping brands discover suppliers and map the complete supply chain from source to end-product.”
Fairpoint Capital
Fairpoint Capital is a B2B technology investment fund based in Sweden. The company’s investment strategy focuses on scalable technology and business concepts.
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