TrusTrace Secures $24 Million Growth Investment Led by Circularity Capital
Jan
TrusTrace, the provider of traceability and compliance solutions, has successfully secured a $24 million growth investment, with Circularity Capital leading the funding round. Previous investors, Industrifonden and Fairpoint Capital, also participated in the investment.
The company stated that the funds will be utilized to accelerate its global ambitions, focusing on strengthening its presence in key markets, enhancing product innovation, and expanding collaborations. TrusTrace aims to contribute to the creation of a global network where all value chains are traceable, circular, and fair.
Shameek Ghosh, CEO and co-founder of TrusTrace, emphasized the growing importance of supply chain traceability for fashion and textile brands in meeting sustainability goals amid increasing regulatory and consumer pressures. He expressed confidence that the investment will solidify TrusTrace’s position as a trusted partner for the fashion industry, aiding in the identification, management, and improvement of supply chain risk, ensuring compliance, and fostering sustainability.
Founded in 2016, TrusTrace offers supply chain traceability and compliance solutions, enabling global fashion brands and suppliers to standardize the capture, digitization, and sharing of supply chain and material traceability data. The platform has reported significant growth in subscription revenue over the past 27 months, with a diverse clientele, including major brands such as Adidas, Brooks Running, Tapestry, and Asics.
Anders Brejner, Investment Director at Circularity Capital, expressed optimism about TrusTrace’s role in supporting global fashion brands transitioning towards a more sustainable and equitable circular economy. He emphasized the importance of a robust digital backbone for transparency and traceability across complex global supply chains.
Ghosh expressed delight in partnering with Circularity Capital for the next phase of growth, citing their expertise in the circular economy and international network as valuable assets that align with TrusTrace’s expansion goals.
