STOCKHOLM – (COMMERCIAL THREAD) – TrusTrace, a Stockholm-based software company with a market-leading platform for supply chain transparency and product traceability in the fashion, food and retail industries retail, today announces a $ 6 million growth investment led by Industrifonden and Fairpoint Capital, as well as previous investors BackingMinds, and with support from Fashion for Good.
The new capital will be used to further accelerate global expansion, expand product development and strengthen the team to continue to bring supply chain transparency to brands who want to know what they’re selling and to consumers who want to know what they’re selling. care about what they buy.
Founded in 2016, TrusTrace is a SaaS provider that empowers fashion, food and retail brands to understand and fully embrace the social and environmental impact of their supply chains. The company currently has a portfolio of more than 40 clients, including renowned brands and sustainability leaders such as FjÃ¤llrÃ¤ven, Filippa K, Zalando, Decathlon and Coop.
âTrusTrace enables product-level traceability and supply chain transparency to make better sourcing decisions, more concerned with sustainability and social responsibility,â said Shameek Ghosh, CEO and co-founder of TrusTrace, and a veteran of the global software industry from companies like HCL. “With this latest round of funding, we will continue to leverage cutting-edge technologies and the best minds in the industry to achieve positive and restorative change for people and the planet.”
Growing pressure from international regulations, investor scrutiny and consumer demand are accelerating the need for green technology and sustainability solutions, with the market expected to reach $ 58 billion by 2027.
Responding to this growing demand, TrusTrace is uniquely positioned to become the key operating platform for companies aiming to solve key sustainability challenges in supply chains – particularly risk management, compliance, Support for product claims, footprint calculations and the ability to confidently and easily share data with environmentally conscious consumers on the origin and impact of products.
The TrusTrace platform is based on AI, Blockchain and BOTS. Thanks to its open architecture, the platform integrates seamlessly with the systems of retailers, manufacturers and suppliers, as well as those of third parties such as certification agencies, lifecycle datasets and other providers of sustainability solutions. With over 8,000 suppliers, 250,000 products and over $ 12 billion in commodities tracked on the platform, TrusTrace is a strategic platform for companies who see sustainability not only as a passing fad, but also as a a fundamental part of their DNA.
Rebecka LÃ¶thman RydÃ¥, Head of Investments at Industrifonden, said: âAs an investor, we seek out the most transformative companies in which to invest; those who have the power to have a significant impact on society. Supply chain traceability and transparency are essential for retailers to become sustainable. This is why we are delighted 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 its technology and so we are proud to support their journey to become the first to impact the unicorn. ”
Hadar Cars, Director of Investments at Fairpoint Capital, said: âWe have been truly impressed with the impact of TrusTrace in the rapidly growing market for supply chain transparency. Consumers, businesses and regulators demand solutions for sustainable practices, which have gone from a âgood to haveâ to a âmust haveâ for leading companies. With strong customer traction, an enterprise-wide solution and a world-class team, we are confident that TrusTrace will be a class leader in its market. ”
TrusTrace CEO Shameek Ghosh concluded: âIndustrifonden and Fairpoint Capital are the perfect partners to accelerate our growth and drive the global expansion of our sustainable platform. We are also delighted to continue working with Backing Minds, who were our first investors, and Fashion for Good. Together with our partners, we can continue to help brands discover suppliers and map the entire supply chain, from source to end product.
TrusTrace has received considerable international attention and has participated or participates in several international accelerator programs including LVMH (FR), Retail Plug & Play (FR), Fashion for Good (NL), Bloomer (SE) as well as Tillvaxtverkets Access Germany and Access US programs. The company has also received numerous sustainability awards, including the Nordea Social Impact Award (2019), the Loomish Award (2020) and the latest Solar Impulse label (2021) which is only awarded to companies that adhere to the highest standards of sustainability. and the circular economy.
Founded in 2016, TrusTrace offers a market-leading platform for supply chain transparency and traceability within fashion and retail, which has quickly become the basis for some of the development programs. most ambitious sustainable projects in the world. Based in Stockholm, Sweden, with offices in India and France. Please visit www.trustrace.com to learn more.
About Fairpoint Capital
Fairpoint Capital is a Swedish B2B technology investment fund. Our investments are focused on unique technologies and highly scalable business models. We are looking for early growth stage companies with products that cater to global markets with strong growth drivers. Investments are concentrated in the Nordic region. www.fairpoint.se
Industrifonden is a Nordic venture capitalist based in Stockholm. Industrifonden invests in cutting-edge technologies and science-based innovation – the industry of tomorrow. Our portfolio includes companies like Funnel, Oatly and Nextory. For more information visit www.industrifonden.com
About Backing Minds
BackingMinds is a European venture capital firm founded in 2016 by entrepreneurs Susanne Najafi and Sara Wimmercranz. The investment duo invests in the blind spots of venture capital and currently has 11 technology companies in their portfolio. Their first fund has a paper yield of 500%.
About fashion for good
Fashion for Good is an Amsterdam-based global innovation platform with a satellite program in Asia. Their programs provide promising start-ups with the expertise and access to finance they need to grow, while piloting pilot projects and supply chain implementation with partner organizations through their program. scaling up and their foundational projects. The Good Fashion Fund helps manufacturers with access to finance scale up to more sustainable production processes. The organization also has a museum for consumers in Amsterdam. www.fashionforgood.com