TrusTrace, a leading global Software-as-a-Service (SaaS) company specializing in product traceability and compliance, has successfully closed a $24 million growth investment round. The funding was led by Circularity Capital, a specialist investor focused on businesses driving the circular economy. Existing investors, Industrifonden and Fairpoint Capital, also participated in the round.
Founded in 2016, TrusTrace has established itself as a market leader in supply chain traceability and compliance. The company’s platform enables brands and suppliers worldwide to standardize the capture, digitization, and sharing of supply chain and material traceability data. TrusTrace empowers brands to identify, understand, and enhance the impact of their supply chain, supporting risk management, compliance, product claims, and footprint calculations.
TrusTrace’s platform plays a pivotal role in enhancing supply chain traceability, supporting sustainability goals, and ensuring compliance for businesses, particularly in the fashion and textile industry. The company has witnessed a significant surge in subscription revenue, experiencing a five-fold growth in the past 27 months. This growth underscores the increasing importance of traceability as a key enabler for sustainable transformation.
Shameek Ghosh, CEO and Co-Founder of TrusTrace, highlighted the growing adoption of supply chain traceability among fashion and textile brands to meet sustainability objectives and address regulatory and consumer pressures. The newly secured investment will accelerate TrusTrace’s global expansion efforts, allowing it to strengthen its presence in key markets, drive product innovation, and foster collaborations.
TrusTrace serves as a trusted partner for global fashion brands seeking to manage Environmental, Social, and Governance (ESG) risks, ensure compliance, and promote sustainability across intricate supply chains. Notable clients include adidas, Brooks Running, Tapestry, Asics, and other leading apparel, footwear, and luxury brands.
Anders Brejner, Investment Director at Circularity Capital, expressed excitement about supporting TrusTrace’s growth, emphasizing the platform’s role in facilitating the transition from a linear production and consumption model to a more sustainable and equitable circular economy. Circularity Capital’s investment aligns with its strategy to back global leaders contributing to the circular economy.
TrusTrace plans to extend its services to regional and mid-size brands in 2024. The platform has tracked over a billion products, providing brands with verified real-time data as materials and finished goods traverse the supply chain. TrusTrace’s integration capabilities with various systems and third-party providers contribute to its position as a business-critical solution for supply chain traceability.
The collaboration with Circularity Capital is expected to further elevate TrusTrace’s impact in driving sustainability and transparency across global supply chains.