TrusTrace completes major funding round

TrusTrace has announced a new funding round with the business benefitting from a $24 million growth investment.

The global SaaS company has a major platform for product traceability and compliance and works with a raft of big names, including Adidas, Tapestry, and Asics.

Its latest funding round was led by Circularity Capital, a specialist investor in businesses that enable the circular economy. Existing investors Industrifonden and Fairpoint Capital also took part.

TrusTrace co-founder and CEO Shameek Ghosh said the new cash will enable the company to “further accelerate its global expansion ambitions by strengthening its presence in key markets, deepening product innovation and expanding collaborations – helping to create a global network where all value chains are traceable, circular, and fair”.

He added that 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.”

The company has seen five-fold growth in subscription revenue in the 27 months since Fairpoint and Industrifonden invested in 2021.

Anders Brejner, Investment Director at Circularity Capital, said: “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.”