Product traceability and compliance company TrusTrace today announced a $24 million growth investment led by Circularity Capital, a specialist investor in businesses that enable the circular economy, with participation from existing investors Industrifonden and Fairpoint Capital. This brings the company’s funding to over €30 million.
Founded in 2016, TrusTrace offers a platform for supply chain traceability and compliance, enabling brands and suppliers worldwide to standardise how supply chain and material traceability data is captured, digitised and shared.
Brands have access to validated supply chain data, empowering them 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 TrusTrace customers include adidas, Brooks Running, Tapestry and Asics.
According to Shameek Ghosh, CEO and Co-Founder of TrusTrace:
“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.
Completing this growth investment is further evidence that businesses see traceability as critical to achieving their sustainability goals.
We are delighted to be partnering with Circularity Capital for the next phase of our growth; the combination of their specialist expertise in the circular economy and powerful international network makes them a strong value-added investor for us.”
Anders Brejner, Investment Director at Circularity Capital, commented:
“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.
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 support TrusTrace as it continues to expand worldwide.”
TrusTrace is headquartered in Stockholm, Sweden, with additional offices in India, France and the US.
Lead image: TrusTrace. Photo: uncredited.