TrusTrace raises €24m for traceability platform

Swedish product traceability specialist TrusTrace has raised €24m ($26m) in growth investment from a series of backers, led by Circularity Capital, which will be used to speed up its expansion into international markets.

The software-as-a-service (SaaS) company – which is building a business positioning traceability at the heart of sustainable business transformation – said the cash injection will help it to strengthen its presence in key markets while “deepening product innovation and expanding collaborations.”

Its platform is deployed by customers to communicate product information with customers, adhere to certification requirements, abide by pertinent regulations, and avoid greenwashing – even if they have a complex network of suppliers and manufacturers – to make sure they supply chains are “traceable, circular, and fair.”

TrusTrace’s chief executive and co-founder Shameek Ghosh said: “A growing number of fashion and textile brands are adopting supply chain traceability to support their sustainability goals and ensure competitiveness in the face of mounting regulatory and consumer pressure.”

The new round, which takes the total raised by TrusTrace to date to around €30m, is “further evidence that businesses see traceability as critical to achieving their sustainability goals,” he added.

The company provides traceability to a growing number of companies, mainly in the apparel and textile sectors, including adidas, Brooks Running, Tapestry, Asics, and Primark.