TrusTrace bags $24 million growth investment led by Circularity Capital for global expansion push
TrusTrace, which has developed a platform for product traceability and compliance, has announced the completion of a $24 million growth investment led by Circularity Capital, a specialist investor in businesses that enable the circular economy, with participation from existing backers Industrifonden and Fairpoint Capital.
Shameek Ghosh, CEO and Co-Founder at TrusTrace, says that the new investment will enable the company to further accelerate its global expansion ambitions by strengthening its presence in key markets, deepening product innovation and expanding collaborations.
Ghosh comments: “A growing number of fashion and textile brands are adopting traceability to support their sustainability goals and ensure competitiveness in the face of mounting regulations and consumer pressure.”
“The completion of this new growth investment is proof that traceability lies at the core of sustainable transformation.”
“Backed by the new funding, TrusTrace will continue to be the fashion industry’s trusted partner for discovering and managing supply chain risk, ensuring compliance and driving true sustainability across all value chains.”
TrusTrace customers include adidas, Brooks Running, Tapestry, and Asics. The firm also plans to offer its services to regional and mid-size brands in 2024.
Ghosh comments: “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.”
Anders Brejner, Investment Director at Circularity Capital, says: “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.”
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