TrusTrace, a leading SaaS company specializing in product traceability and compliance, has recently announced a significant milestone: the completion of a €22 million growth investment. The round was led by Circularity Capital, a key player in supporting businesses that enable the circular economy, and saw participation from existing investors Industrifonden and Fairpoint Capital.
This investment marks a pivotal moment for TrusTrace, poised to turbocharge its global expansion efforts. Shameek Ghosh, CEO and Co-Founder, shares that this funding will strengthen TrusTrace’s presence in key markets, deepen product innovation, and expand collaborations. The goal? To weave a global network where value chains are not just traceable, but also circular and fair.
Ghosh explains, “In the fashion and textile industry, supply chain traceability is increasingly becoming a staple to meet sustainability goals and stay competitive. This investment is a testament to the industry’s recognition of traceability as essential for sustainability. With this new funding, we’re ready to further solidify our role as the go-to partner for fashion brands in managing supply chain risks, ensuring compliance, and fostering sustainability.”
TrusTrace’s journey reflects the growing importance of traceability in sustainable transformation. The company has witnessed a five-fold increase in subscription revenue in just over two years, a clear indicator of the market’s shifting priorities. TrusTrace’s evolution from its seed funding in 2019 to this latest growth investment paints a picture of a company on the rise, at the forefront of sustainable change.
Since its founding in 2016, TrusTrace has become the preferred partner for global fashion brands looking to navigate the complexities of sustainable supply chains, manage ESG risks, and ensure compliance. The company boasts a clientele that includes heavyweights like adidas, Brooks Running, Tapestry, and Asics, among others. Looking ahead, TrusTrace plans to extend its services to regional and mid-size brands, broadening its impact.
On the partnership with Circularity Capital, Ghosh expresses enthusiasm, highlighting their expertise in the circular economy and powerful international network as key drivers for TrusTrace’s next growth phase.
Anders Brejner from Circularity Capital remarks on the shifting landscape of the fashion industry. “There’s a growing trend of brands moving away from the linear production model towards sustainability. TrusTrace stands out as a leader in providing the digital infrastructure necessary for transparency and traceability in complex global supply chains. We’re thrilled to support their global expansion,” he says.
TrusTrace’s platform, now tracking over a billion products, has become an indispensable tool in the realm of supply chain traceability. It provides brands with real-time verified data as materials and goods move through the supply chain. The platform’s seamless integration with various systems, including those of retailers, manufacturers, suppliers, certification agencies, and other sustainability solution providers, is a testament to its versatility and critical role in the industry.
In summary, TrusTrace’s recent funding round is more than just a financial boost. It’s a signal of the growing importance of sustainable practices in the fashion industry and the need for robust, transparent supply chains. As TrusTrace embarks on this exciting new phase of global expansion, it stands as a beacon for sustainable innovation, helping fashion brands navigate the intricate path towards a more responsible and circular future.
