TrusTrace, the traceability and compliance solutions provider, has completed a 24 million US dollar growth investment led by Circularity Capital, with participation from previous investors Industrifonden and Fairpoint Capital.
In a statement, TrusTrace said that the funds would be used to accelerate its global ambition plans by strengthening its presence in key markets, deepening product innovation and expanding collaborations to help create a global network “where all value chains are traceable, circular, and fair”.
Shameek Ghosh, chief executive and co-founder of TrusTrace, said: “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.”
Circularity Capital invests in traceability and compliance solutions provider TrusTrace
TrusTrace, founded in 2016, offers supply chain traceability and compliance, enabling global fashion brands and suppliers to standardise how supply chain and material traceability data is captured, digitised and shared. Through providing access to validated supply chain data, TrusTrace empowers brands to identify, understand and improve the impact of their supply chain to drive sustainable change, manage ESG risks and ensure compliance.
In the last 27 months, the platform has reported a five-fold growth in subscription revenue, with many of the world’s largest apparel, footwear and luxury brands being customers, including Adidas, Brooks Running, Tapestry, and Asics.
Anders Brejner, investment director at Circularity Capital, a specialist investor in businesses that enable the circular economy, 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.”
Ghosh added: “We are delighted to be partnering with Circularity Capital for the next phase of our growth, the combination of their specialist expertise in the circular economy and powerful international network makes them a strong value-added investor for us.”