Investment is led by Industrifonden and Fairpoint Capital, together with early investor BackingMinds and support from Fashion for Good.
National, October 20th, 2021 – TrusTrace a market-leading SaaS platform for supply chain transparency and product traceability announced a $6 million growth investment led by Industrifonden and Fairpoint Capital, together with previous investors BackingMinds, and with support from Fashion for Good.
TrusTrace is a 100-member team spread across Coimbatore and Stockholm, and was founded in Coimbatore in 2016. TrusTrace platform empowers fashion, food and retail brands to fully understand and take responsibility for the social and environmental impact of their supply chains. The company currently has a portfolio of more than 8000 suppliers in India, China, Bangladesh and other textile manufacturing hubs sharing data with 40+ well-known fashion brands and sustainability leaders like Fjällräven, Filippa K, Decathlon, Coop, and Zalando.
The new capital will be used to further accelerate global expansion, expand product development, and strengthen the team to continue bringing supply chain transparency to brands who want to know what they sell, and to consumers who care about what they buy.
“TrusTrace enables product-level traceability and supply chain transparency to drive better, more sustainably-conscious and socially-responsible sourcing decisions. 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. Industrifonden and Fairpoint Capital are the perfect partners to accelerate our growth and drive the global expansion of our sustainable platform. We are also thrilled to continue collaborating with Backing Minds, who were our first investors, and Fashion for Good. Together with our partners, we can continue helping brands discover suppliers and map the complete supply chain from source to end-product.” says Shameek Ghosh, CEO and Co-Founder of TrusTrace, and a veteran within the global software industry from companies like HCL.
Having a dual setup with offices in Stockholm, Sweden and Coimbatore is a conscious choice to be at the forefront of the industry:
“Coming from the rich textile tradition of Coimbatore and having personally seen the effects of the industry on the planet and community, we want to change the way fashion is produced and consumed across the globe. Building on the large technical talent pool in the city and an inherent understanding of textiles, we have built a world-class platform which is powering some of the largest and most ambitious traceability programs in fashion. We are building a world class SaaS company from Coimbatore, which will further consolidate the position of the city as the leading SaaS hub. No other city could give us that perfect setup!” says Saravanan Parisutham, COO and Co-Founder of TrusTrace
Increasing pressure from international regulations, investor scrutiny and consumer demand is accelerating the need for green tech and sustainability solutions – with the market expected to reach $58 billion by 2027.
Meeting this growing demand, TrusTrace is uniquely positioned to become the key operating platform for companies aiming to solve the major sustainability challenges in supply chains – specifically risk management, compliance, product claims support, footprint calculations and the ability to confidently and easily share data with eco-conscious consumers about product origin and impact.
The TrusTrace platform is built on AI, Blockchain and BOTS. Through its open architecture, the platform integrates seamlessly with retailer, manufacturer and supplier systems, as well as those of 3rd parties such as certification agencies, lifecycle datasets and other sustainability solution providers. With more than 8,000 suppliers, 250,000 products and over $12 billion worth of goods tracked on the platform, TrusTrace is a business-critical platform for companies who see sustainability not just as a passing fad but fundamental to their DNA.
Rebecka Löthman Rydå, Investment Manager at Industrifonden said, “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, TrusTrace can make a real and positive impact through their technology and we are therefore proud to support their journey to become the first impact unicorn.
Hadar Cars, Investment Director at Fairpoint Capital said: “We have been truly impressed by TrusTrace‘s impact in the fast-growing market for supply chain transparency. Consumers, businesses and regulators alike are demanding solutions for sustainable practices, which have evolved from a ‘nice-to-have’ to a ‘must-have’ for leading companies. With strong customer traction, an enterprise-scale solution, and a world-class team, we are confident that TrusTrace will be a category leader in its market.” TrusTrace has received significant international attention and has or is participating in several international accelerator programs, notably LVMH (FR), Retail Plug & Play (FR), Fashion for Good (NL), Bloomer (SE) as well as the Tillvaxtverkets Access Germany and Access US programs. The company has also received numerous awards within sustainability, including the Nordea Social Impact Award (2019), the Loomish award (2020), and latest the Solar Impulse label (2021) which is given only to companies which adhere to the highest standards in sustainability and circular economy.
