TrusTrace raises $6m for supply chain transparency push
TrusTrace, developer of a platform for supply chain transparency and product traceability within the fashion, food and retail industries, has announced a $6 million Series A investment led by Industrifonden and Fairpoint Capital, together with previous backers BackingMinds, and with support from Fashion for Good.
The new capital will be used to accelerate global expansion, expand product development, and strengthen the venture’s team.
Founded in 2016, TrusTrace, which to date has raised $8 million in total, has a portfolio of more than 40 customers, including 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,” says Shameek Ghosh, CEO and Co-Founder, TrusTrace.
“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.”
The TrusTrace platform is built on AI, blockchain and BOTS.
It integrates with retailer, manufacturer and supplier systems, as well as those of third parties such as certification agencies, lifecycle datasets and other sustainability solution providers.
Rebecka Löthman Rydå, Investment Manager at Industrifonden, says: "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, it can make a real and positive impact through its technology and we are therefore proud to support its journey to become the first impact unicorn.”
