TrusTrace receives 24 million US dollars for global growth

With a five-fold increase in subscription revenue over the last 27 months, TrusTrace is cementing its position as the preferred partner of global fashion brands for sustainable change and ESG risk management.

Global Software-as-a-Service (SaaS) company TrusTrace has completed a $24 million growth investment. This investment is led by Circularity Capital, an investor in circular economy companies. Existing investors such as Industrifonden and Fairpoint Capital also participated.

TrusTrace, founded in 2016, provides a platform for traceability and compliance in supply chains. It enables brands and suppliers worldwide to gain insights into how supply chain and material traceability data is captured, digitized and shared. The data supports risk management, compliance and product claims.

With this funding, TrusTrace aims to strengthen its position as a trusted partner to the fashion industry

Shameek Ghosh, CEO and co-founder of TrusTrace

Shameek Ghosh, CEO and co-founder of TrusTrace, emphasizes that this investment will help the company drive its global expansion. TrusTrace plans to strengthen its presence in key markets, deepen product innovation and expand collaborations. The aim is to create a global network in which all value chains are traceable, circular and fair.

More and more fashion and textile brands are turning to supply chain transparency to support their sustainability goals and remain competitive in the face of growing regulatory and consumer pressures.

Shameek Ghosh, CEO and co-founder TrusTrace

Significant growth

The importance of traceability as a driver for sustainable transformation has been clearly demonstrated. TrusTrace has seen a five-fold increase in subscription revenue over the last 27 months.

The company is a preferred partner for global fashion brands looking to drive sustainable change and manage ESG risks. Clients include major brands such as adidas, Brooks Running, Tapestry and Asics. TrusTrace also plans to offer its services to regional and mid-sized brands in 2024.

With more than one billion products tracked, TrusTrace has established itself as a business-critical solution for traceability in supply chains. The platform provides brands with real-time verified data, integrates seamlessly with retailer, manufacturer and supplier systems, as well as certification agencies and other sustainability solutions.

We see a growing number of global fashion brands looking to transform from today's linear 'take-produce-dispose' model of production and consumption to a more sustainable and equitable model.

Anders Brejner, Investment Director Circularity Capital

Anders Brejner, Investment Director at Circularity Capital, emphasizes the growing number of fashion brands that want to move from linear production and consumption models to more sustainable models. He sees TrusTrace as a clear market leader with a compelling team, solutions and customer base.

Circularity Capital is a European investor in the growth stage of the circular economy. Since 2015, the company has been making targeted investments in circular companies and supporting them with specialized knowledge and expertise. One of its key themes is supporting companies with 'enabling solutions' that make customers more resource efficient or circular through technology.