Stockholm, Sweden-based global SaaS company with a market-leading platform for product traceability and compliance, TrusTrace announced the completion of a USD 24 million growth investment. The company announced the closure on January 17, 2023. Circularity Capital, a specialist investor in businesses enabling the circular economy led the financing for the company. Meanwhile, existing investors Industrifonden and Fairpoint Capital also joined in the fundraise.
Purpose of financing for TrusTrace
With the latest new investment, TrusTrace seeks to enable the company to further accelerate its global expansion ambitions. It also has plans to bolster its presence in key markets. Further, the company looks forward to deepening product innovation and expanding collaborations – helping to create a global network where all value chains are traceable, circular, and fair.
What the company’s co-founder has to add
Shameek Ghosh, CEO and co-founder, 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.”
Ghosh further 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.”
What the investors have to comment
Anders Brejner, Investment Director at Circularity Capital, 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.”
About the company
Hrishikesh Rajan, Madhava Venkatesh, Saravanan Parisutham, and Shameek Ghosh launched the company in 2016. The company offers a market-leading platform for supply chain traceability and compliance. It further enables brands and suppliers around the world to standardize how supply chain and material traceability data is captured, digitized and shared.
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