TrusTrace, a leading Software as a Service (SaaS) company specializing in product traceability and compliance, has successfully closed a $24 million growth investment round. The funding was spearheaded by Circularity Capital, a specialized investor known for supporting businesses contributing to the circular economy, with participation from existing investors Industrifonden and Fairpoint Capital.
The investment marks a pivotal moment for TrusTrace, empowering the company to accelerate its global expansion ambitions. The funds will be strategically employed to fortify its presence in key markets, foster innovation in product offerings, and expand collaborations. TrusTrace envisions creating a global network where value chains are not only traceable but also circular and fair.
Shameek Ghosh, CEO and Co-Founder of TrusTrace, highlighted the growing trend among fashion and textile brands adopting supply chain traceability to meet sustainability goals and navigate regulatory and consumer pressures. The $24 million growth investment underscores the critical role that traceability plays in achieving sustainability objectives within the industry.
TrusTrace has demonstrated remarkable growth, with a five-fold increase in subscription revenue over the past 27 months. The company has positioned itself as the go-to supply chain partner for global fashion brands seeking sustainable change, effective ESG risk management, and compliance assurance in their intricate supply chains. Notable clients include industry giants like adidas, Brooks Running, Tapestry, Asics, and more.
Anders Brejner, Investment Director at Circularity Capital, emphasized the necessity for a digital backbone to facilitate a transition to a more sustainable and equitable fashion industry. Brejner sees TrusTrace as a leader in providing transparency and traceability across complex global supply chains. Circularity Capital’s investment aims to support TrusTrace as it continues its global expansion.
TrusTrace has already tracked over a billion products through its platform, solidifying its position as a business-critical solution for supply chain traceability. The platform empowers brands with real-time verified data as materials and finished goods traverse the supply chain. It seamlessly integrates with various stakeholders, including retailers, manufacturers, suppliers, certification agencies, and other sustainability solution providers.
