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January 22, 2024

TrusTrace Raises $24 Million in Bid to Revolutionize Global Fashion Traceability

The Swedish SaaS powerhouse redefining global product traceability and compliance, proudly unveils a $24M investment

Swedish SaaS company, TrusTrace, unveils a game-changing $24 million investment led by Circularity Capital, the expert in circular economy investments. Long-time supporters, including Industrifonden and Fairpoint Capital, also joined the funding round. TrusTrace, founded in 2016, vows to reshape the fashion industry by simplifying global product traceability and compliance for brands navigating intricate supply chains worldwide.

With an increasing demand for ethical and sustainable practices, brands face a dual challenge of complying with regulations and meeting consumers' conscious choices. TrusTrace steps in to unravel this complexity, providing brands with an unparalleled understanding of their global operations. Circularity Capital's investment reflects a shared vision of transitioning towards a circular economy in the fashion landscape.

TrusTrace's impact is undeniable, evident in a five-fold surge in subscription revenue within just 27 months. Anders Brejner, Investment Director at Circularity Capital, acknowledges the company's pivotal role in steering global fashion brands towards sustainability. TrusTrace operates as a collaborative platform, easing the intricate process for brands and suppliers alike.

TrusTrace thrives on real-time data collection directly from the supply chain, ensuring transparency and traceability. CEO Shameek Ghosh underscores the platform's ease for suppliers, offering free sign-ups and comprehensive support. TrusTrace's extensive reach covers over 60% of the global supplier base in certain categories, establishing it as an indispensable tool for brands worldwide.

TrusTrace's innovative platform, supported by the latest investment, equips brands to make informed decisions by collecting granular data. Adidas, Brooks Running, Tapestry, and Asics are among the notable brands relying on TrusTrace. Ghosh envisions a future where traceability is the norm, empowering consumers to make responsible choices and ensuring products are ethically produced. TrusTrace's $24 million funding round propels its mission to revolutionize fashion into a transparent, circular, and fair industry.

Josefina Dipaolo
Josefina Dipaolo
Content writer at TechNews180
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