TrusTrace, a Stockholm-based supply chain traceability platform catering to the fashion industry, has successfully secured a US $ 24 million Series B funding round, led by Circularity Capital, according to an exclusive disclosure by CEO Shameek Ghosh. Industrifonden and Fairpoint Capital, existing investors who co-led the previous US $ 6 million Series A round, also participated in this latest funding round.
TrusTrace stands out by offering real-time insights into social and environmental aspects throughout a company’s supply chain, spanning from raw materials to finished goods. This proves invaluable for retailers dealing with outsourced supply chains, allowing them to identify and map Tier-1, Tier-2, and Tier-3 factories. The platform integrates with retailers’ manufacturing and supplier systems and collaborates with third-party entities like certification agencies to incorporate additional data.
Notably, TrusTrace takes a proactive stance against potential data falsification, aiming to identify and notify brands or partners about suppliers presenting forged information. Importantly, suppliers themselves incur no charges for utilising the platform. TrusTrace’s clientele extends globally, including the United States, Japan, and Australia, and the company plans to establish local teams in these markets.
The subscription revenue for TrusTrace has experienced growth, quintupling since its previous funding round in 2021. Noteworthy brands such as Adidas, Brooks Running, Tapestry, and Asics are counted among the platform’s clientele. With increased regulatory scrutiny on fashion supply chains, TrusTrace anticipates further growth, expecting to onboard 15 to 16 companies annually as retailers increasingly prioritize traceability in their operations.
