Stockholm-based Supply chain solutions provider TrusTrace, announced today a $6 million growth investment led by Industrifonden and Fairpoint Capital, with previous investors BackingMinds and with support from Fashion for Good.
The additional funds will be utilized to accelerate product development, strengthen its team and accelerate its global expansion providing supply chain transparency to brands who want to know what they're selling and consumers who care about what they buy.
TrusTrace is a SaaS provider founded in 2016, that enables fashion, food, and retail firms to fully understand and take responsibility for their supply chains' social and environmental effects. The company currently has a portfolio of more than 40 customers, which include well-known brand and sustainability leaders like Fjällräven, Filippa K, Decathlon, Coop, and Zalando.
Shameek Ghosh, TrusTrace's CEO and co-founder, said that TrusTrace allows product-level traceability and supply chain transparency to drive better, more sustainably conscious, and socially responsible sourcing decisions. They will continue to use cutting-edge technology and the brightest minds in the field to generate good, restorative change for people and the planet with this latest fundraising round.
International rules, investor scrutiny, and consumer demand are all driving up demand for green tech and sustainability solutions, with the market expected to reach $58 billion by 2027.
TrusTrace is uniquely positioned to become the key operating platform for companies aiming to solve the major sustainability challenges in supply chains, including risk management, compliance, product claims support, footprint calculations, and the ability to confidently and easily share data about product origin and impact with eco-conscious consumers.
The TrusTrace platform is built on Blockchain, AI, and BOTS. The platform's open architecture allows it to effortlessly interface with systems from retailers, manufacturers, and suppliers, as well as 3rd parties including certification organizations, lifecycle databases, and other sustainability solution providers. TrusTrace is a business-critical tool for firms that regard sustainability as more than a fleeting fad, with over 8,000 suppliers, 250,000 products, and over $12 billion worth of goods monitored on the platform.
Rebecka Löthman Rydå, Investment Manager at Industrifonden, said that as an investor, they lookout for the most revolutionary businesses to invest in; those with the power to make a real impact on society. For retailers to be sustainable, supply chain traceability and transparency are essential. That's why they're thrilled to be partnering with TrusTrace, the industry's best platform. With a purpose to promote sustainability, TrusTrace's technology may have a genuine and beneficial impact and they're happy to help them on their quest to become the first impact unicorn.
Hadar Cars, Investment Director at Fairpoint Capital, said that they have been extremely impressed by TrusTrace's influence in the fast-growing industry for supply chain transparency. Sustainable practices have gone from a "nice-to-have" to a "must-have" for leading enterprises, according to consumers, corporations, and authorities. They are sure that TrusTrace will be a category leader in its market, with significant client traction, an enterprise-scale product, and a world-class team.
TrusTrace has received significant international attention and has been in or is currently participating in a number of international accelerator programs, including LVMH (FR), Retail Plug & Play (FR), Fashion for Good (NL), Bloomer (SE), and Tillvaxtverkets Access Germany and Access US.
The company has also won multiple sustainability accolades, including the Nordea Social Impact Award (2019), the Loomish Award (2020), and, most recently, the Solar Impulse label (2021), which is given only to companies that adhere to the highest sustainability and circular economy requirements.
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