TrusTrace, a Stockholm-based software company with a market-leading platform for supply chain transparency and product traceability within the fashion, food and retail industries, today announces a $6 million growth investment led by Industrifonden and Fairpoint Capital, together with previous investors BackingMinds, and with support from Fashion for Good.
TrusTrace is now positioned to become the mission-critical, one-stop-shop operating platform for brands aiming to solve major supply chain sustainability and transparency challenges.
The new 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 platform supports brands with risk management, compliance, product claims, footprint calculations and the ability to confidently and easily share data about product origin and impact. It is built on AI, Blockchain and BOTS, and through its open architecture, it is able to integrate 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.
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.
TrusTrace enables product-level traceability and supply chain transparency to drive better, more sustainably-conscious and socially-responsible sourcing decisions.said Shameek Ghosh, CEO and Co-Founder of TrusTrace, and a veteran within the global software industry from companies like HCL.
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.
Increasing pressure from international regulations, investor scrutiny and consumer demand is accelerating the need for green tech and sustainability solutions – with the market expected to reach $58 billion by 2027.
Meeting this growing demand, TrusTrace is uniquely positioned to become the 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.
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.adds Rebecka Löthman Rydå, Investment Manager at Industrifonden.
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.
We have been truly impressed by TrusTrace‘s impact in the fast-growing market for supply chain transparency.said Hadar Cars, Investment Director at Fairpoint Capital.
Consumers, businesses and regulators alike are demanding solutions for sustainable practices, which have evolved from a ‘nice-to-have’ to a ‘must-have’ for leading companies.
With strong customer traction, an enterprise-scale solution, and a world-class team, we are confident that TrusTrace will be a category leader in its market.
Industrifonden and Fairpoint Capital are the perfect partners to accelerate our growth and drive the global expansion of our sustainable platform.concluded TrusTrace CEO Shameek Ghosh.
We are also thrilled to continue collaborating with Backing Minds, who were our first investors, and Fashion for Good.
Together with our partners, we can continue helping brands discover suppliers and map the complete supply chain from source to end-product.
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. The company has also received numerous awards within sustainability, including the Nordea Social Impact Award (2019), the Loomish award (2020), and latest the Solar Impulse label (2021) which is given only to companies that adhere to the highest standards in sustainability and circular economy.
- TrusTrace launches a traceability ecosystem to accelerate transition towards transparent and responsible supply chains within the fashion industry.
- The first stage of the ecosystem launches with Higg, Open Apparel Registry (OAR), circular.fashion, Renoon and Haelixa.
- The ecosystem will focus on seamless data integration and knowledge exchange to deliver holistic solutions for the industry.
To enable seamless data sharing about facilities with different certification and audit bodies, and other industry solutions, it is important to be able to easily identify a facility across these different systems, using one common industry-standard facility ID.
Together with the Open Apparel Registry, TrusTrace will map all of its 8000+ supplier facilities using an industry-standard unique OAR ID and enable brands to standardize facility information across different systems like Higg, ZDHC and industry certification bodies.
This collaboration addresses the lack of standardization in facility information across multiple databases, helping to streamline and improve facility-level information for the fashion industry.
The second phase of the ecosystem will launch in early 2022 with a key focus on driving physical traceability and circularity.
Collaboration with physical marking and tracing technology solution, Haelixa, will develop a joint traceability programme supporting end-to-end traceability through physical tracers such as invisible DNA markers.
Furthermore, the collaboration with circular.fashion will enable brands to embed a circularity.ID into their garments to foster end-to-end traceability, transparency of the supply chain, increased customer engagement, prolonged use and recycling at end-of-life.
Finally, Renoon, a platform that empowers eco-conscious consumers to shop according to their sustainability values, will also join the TrusTrace ecosystem to collect supply chain data, manage product evidence and automate the process of checking product compliance to sustainability standards. This provides end consumers with more accurate data driving purchase decisions and brands with recognition for their sustainability efforts.
This launch marks the first stage of the TrusTrace traceability ecosystem, the platform will continue to focus on developing pre-competitive collaborations in order to accelerate powerful solutions for the fashion industry.