Trustrace which is a global SaaS company with a platform for product traceability and compliance, said the investment will enable it 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.
TrusTrace CEO and co-founder Shameek Ghosh said: “A growing number of fashion and textile brands are adopting traceability to support their sustainability goals and ensure competitiveness in the face of mounting regulations and consumer pressure.
“The completion of this new growth investment is proof that traceability lies at the core of sustainable transformation. Backed by the new funding, TrusTrace will continue to be the fashion industry’s trusted partner for discovering and managing supply chain risk, ensuring compliance and driving true sustainability across all value chains.”
In the 27 months since the previous growth round from Fairpoint Capital and Industrifonden in 2021, and the prior investment from Backing Minds in 2019, TrusTrace said its subscription revenue had grown five-fold, evidencing the importance of traceability as a key enabler of sustainable transformation.
TrusTrace customers include adidas, Brooks Running, Tapestry, ASICS and many more of the world’s largest apparel, footwear and luxury brands. TrusTrace also plans to offer its services to regional and mid-sized brands in 2024.
Circularity Capital investment director Anders Brejner commented: “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.”
