Funding

[Funding alert] Stockholm-based TrusTrace Secures €22 Million in Funding

Jan 18, 2024 | By Startup Rise EU

Stockholm-based TrusTrace secures €22 million in funding. Industrifonden and Fairpoint Capital, two previous investors, joined this round lead by Circularity Capital, a specialised investor in companies that support the circular economy.

Stockholm-based TrusTrace secures €22 million in funding. Industrifonden and Fairpoint Capital, two previous investors, joined this round lead by Circularity Capital, a specialised investor in companies that support the circular economy.

According to Shameek Ghosh, CEO and Co-Founder of TrusTrace, "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."

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Ghosh commented: “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. The completion of this growth investment is further evidence that businesses see traceability as critical to achieving their sustainability goals. Backed by new funding, TrusTrace will further cement its position as the fashion industry’s trusted partner for identifying and managing supply chain risk, ensuring compliance and driving sustainability across value chains.”

As demonstrated by TrusTrace's five-fold increase in subscription revenue in the 27 months since the previous growth round by Fairpoint Capital and Industrifonden in 2021—which was preceded by seed funding from Backing Minds in 2019—traceability is gaining importance and momentum as a critical enabler of sustainable transformation.

Read also - MO-based Clever Real Estate Acquired Gravy Technologies

Anders Brejner, Investment Director at Circularity Capital, said: “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. We believe 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 be supporting TrusTrace as it continues to expand worldwide.”

Now that over a billion products have been tracked via the platform, TrusTrace has proven to be a vital commercial supply chain traceability solution. The technology tracks the movement of raw materials and finished goods along the supply chain and provides brands with validated data in real-time.

Read also -  California-based Mercor Secures $3.6M in Funding

About TrusTrace

TrusTrace founding in 2016, the business has been regarded as the go-to partner for international fashion brands looking to manage ESG risks, promote sustainable transformation, and guarantee compliance throughout their intricate supply chains.

Read also - London-based 10x Banking Secures £35Million Funding

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