Stockholm-based TrusTrace, a SaaS company specializing in product traceability and compliance, has announced securing $24M (approximately €22M) in growth funding. The round was led by Circularity Capital, with participation from existing investors Industrifonden and Fairpoint Capital.
The new investment will enable TrusTrace to further accelerate its global expansion ambitions by strengthening its presence in key markets, deepening product innovation, and expanding collaborations.
CEO’s Vision for Sustainable Supply Chains
Shameek Ghosh, CEO of TrusTrace, highlighted the growing adoption of supply chain traceability by fashion and textile brands to support their sustainability goals and remain competitive amidst increasing regulatory and consumer pressure. He believes the completion of this growth investment is further evidence of businesses recognizing traceability as critical to achieving their sustainability goals.
TrusTrace’s Traceability Platform
Founded in 2016 by Shameek Ghosh, Hrishikesh Rajan, Madhava Venkatesh, and Saravanan Parisutham, TrusTrace provides a platform for traceability and compliance data management for high-volume footwear and textile value chains. The platform enables risk management, compliance, product claims, and footprint calculations, offering the ability to easily and confidently share data about product origin, impact, and more.
Significant Growth and Customer Base
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 customers include Adidas, Brooks Running, Tapestry, Asics, and many more of the world’s largest apparel, footwear, and luxury brands.
Circularity Capital, a European growth stage investor in the Circular Economy, supports businesses with ‘enabling solutions’ that, through technology, enable customers to be more resource-effective or more circular. Anders Brejner, Investment Director at Circularity Capital, sees TrusTrace as a clear leader in providing transparency and traceability across complex global supply chains.
Leading the Way in Sustainable Fashion
The funding round positions the SaaS startup as a key player in enabling the circular economy and sustainable fashion industry. The company’s innovative platform and global expansion plans are set to make a significant impact in driving sustainability across value chains.