TrusTrace completes $24 million growth investment to drive global expansion



TrusTrace, a global SaaS company with a market-leading platform for product traceability and compliance, has announced the completion of 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.

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 – helping to create a global network where all value chains are traceable, circular, and fair.

Shameek Ghosh, CEO and Co-Founder of TrusTrace, commented: “A growing number of fashion and textile brands are adopting traceability to support their sustainability goals and ensure competitiveness in the face of mounting regulations and consumer pressure. The completion of this new growth investment is proof that traceability lies at the core of sustainable transformation. Backed by the new funding, TrusTrace will continue to be the fashion industry’s trusted partner for discovering and managing supply chain risk, ensuring compliance and driving true sustainability across all value chains.”

Traceability has accelerated in importance and momentum as a key enabler of sustainable transformation, as evidenced by TrusTrace’s five-fold growth in subscription revenue in the 27 months since the previous growth round by Fairpoint Capital and Industrifonden in 2021, preceded by seed funding from Backing Minds in 2019.

The company is widely considered the preferred supply chain partner for 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. TrusTrace also plans to offer its services to regional and mid-size brands in 2024.

With more than a billion products now tracked through the platform, TrusTrace has established itself as a business-critical solution for supply chain traceability. The platform empowers brands with verified data in real-time, as materials and finished goods move through the supply chain. It also integrates seamlessly with retailer, manufacturer and supplier systems, as well as other third-parties, such as certification agencies, lifecycle datasets and other sustainability solution providers.

Read more in Dagens Industri ↗