TrusTrace, a Stockholm-based startup which created a market-leading platform for supply chain transparency and product traceability within the fashion, food and retail industries, today announces a €5.17 million Series A funding round led by Industrifonden and Fairpoint Capital, together with previous investors BackingMinds, and with support from Fashion for Good.
The growth capital will be used to further accelerate global expansion, expand product development, and strengthen the team to continue bringing supply chain transparency to brands who want to know what they sell, and to consumers who care about what they buy.
Founded in 2016, TrusTrace is a SaaS provider that empowers fashion, food and retail brands to fully understand and take responsibility for the social and environmental impact of their supply chains. The company currently has a portfolio of more than 40 customers, including well-known brand and sustainability leaders like Fjällräven, Filippa K, Zalando, Decathlon and Coop.
Shameek Ghosh, CEO and Co-Founder of TrusTrace, stated: “TrusTrace enables product-level traceability and supply chain transparency to drive better, more sustainably-conscious and socially-responsible sourcing decisions. With this latest funding round, we will continue leveraging cutting-edge technology and the best minds in the industry to achieve positive, restorative change for people and the planet.”
TrusTrace is uniquely positioned to become a key operating platform for companies aiming to solve the major sustainability challenges in supply chains – specifically risk management, compliance, product claims support, footprint calculations and the ability to confidently and easily share data with eco-conscious consumers about product origin and impact.
The TrusTrace platform is built on AI, Blockchain and BOTS. Through its open architecture, the platform integrates seamlessly with retailer, manufacturer and supplier systems, as well as those of 3rd parties such as certification agencies, lifecycle datasets and other sustainability solution providers. With more than 8,000 suppliers, 250,000 products and over $12 billion worth of goods tracked on the platform, TrusTrace is a business-critical platform for companies who see sustainability not just as a passing fad but fundamental to their DNA.
Rebecka Löthman Rydå, Investment Manager at Industrifonden commented: “As an investor, we seek out the most transformative ventures to invest in; those with the power to have a meaningful impact on society. Supply chain traceability and transparency are critical for retailers to become sustainable. That’s why we are very excited to partner with TrusTrace – the best platform on the market. With a mission to increase sustainability, TrusTrace can make a real and positive impact through their technology and we are therefore proud to support their journey to become the first impact unicorn.”
TrusTrace has received significant international attention and has or is participating in several international accelerator programs, notably LVMH (FR), Retail Plug & Play (FR), Fashion for Good (NL), Bloomer (SE) as well as the Tillvaxtverkets Access Germany and Access US programs.