TrusTrace Closes $6 Million Series A Investment to Create More Sustainable, Transparent Supply Chains for Global Brands
TrusTrace, a Stockholm-based software company with a market-leading platform for supply chain transparency and product traceability within the fashion, food and retail industries, today announces a $6 million growth investment led by Industrifonden and Fairpoint Capital, together with previous investors BackingMinds, and with support from Fashion for Good.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211014005112/en/
The TrusTrace platform as seen on a smartphone. (Photo: Business Wire)
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.
Founded in 2016, TrusTrace is a SaaS provider that 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 40 customers, including well-known brand and sustainability leaders like Fjällräven, Filippa K, Zalando, Decathlon and Coop.
“TrusTrace enables product-level traceability and supply chain transparency to drive better, more sustainably-conscious and socially-responsible sourcing decisions,” said Shameek Ghosh, CEO and Co-Founder of TrusTrace, and a veteran within the global software industry from companies like HCL. “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.”
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 CEO Shameek Ghosh concluded: “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.”
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.
For more information, visit www.trustrace.com. For hi-res photography, click here.
About TrusTrace
Founded in 2016, TrusTrace offers a market-leading platform for supply chain transparency and traceability within Fashion and Retail, which has quickly become the foundation for some of the most ambitious sustainability programs in the world. Headquartered in Stockholm, Sweden, with offices in India and France. Please visit www.trustrace.com to learn more.
About Fairpoint Capital
Fairpoint Capital is a Swedish B2B technology investment fund. Our investment focus is unique technologies and business models that are highly scalable. We look for companies in early growth stages with products that address global markets with strong growth drivers. Investments are focused towards the Nordic region. www.fairpoint.se
About Industrifonden
Industrifonden is a Nordic venture capital investor based in Stockholm. Industrifonden invests in breakthrough technologies and science based innovation – the Industry of Tomorrow. Our portfolio includes companies like Funnel, Oatly and Nextory. For more information, visit www.industrifonden.com
About Backing Minds
BackingMinds is a European venture capital firm founded in 2016 by entrepreneurs Susanne Najafi and Sara Wimmercranz. The investment duo invests in the blind spots of venture capital and so far has 11 tech companies in the portfolio. Their first fund has a paper return of 500%.
www.backingminds.com
About Fashion for Good
Fashion for Good is a global innovation platform based in Amsterdam with a satellite program in Asia. Their programs give promising start-ups the expertise and access to funding they need to grow, while driving pilots and supply chain implementation with partner organizations through their scaling program and foundational projects. The Good Fashion Fund supports manufacturers with access to finance to shift at scale to more sustainable production processes. The organization also holds a consumer facing museum in Amsterdam. www.fashionforgood.com
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20211014005112/en/
Contact information
Media:
TrusTrace
Daniel Griffin, Griffin360, Vice President
dan@griffin360.com, +1 845 536 2200
Industrifonden
Rebecka Löthman Rydå, Investment Manager
rebecka.ryda@industrifonden.com, +46 76 126 48 39
Fairpoint Capital
Hadar Cars, Investment Director
hc@fairpoint.se, +46 73 544 5845
BackingMinds
Sara Wimmercranz, Founding Partner
sara@backingminds.com
Fashion for Good
Anne-Ro Klevant Groen, Marketing and Communications Director
anne-ro.klevant.groen@fashionforgood.com
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Bentley Education Program Expands to Global Scope25.10.2021 23:01:00 EEST | Press release
Bentley Systems, Incorporated (Nasdaq: BSY), the infrastructure engineering software company, as a commitment to expand access to its professional applications to education, today announced the global expansion of the Bentley Education program – offering seamless access to learning licenses of over 60 popular Bentley applications, at no cost, to all eligible students and educators, from middle schools through higher education levels, via the Bentley Education portal. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211025005717/en/ The Bentley Education program helps students develop digital skills that are critical for a qualified talent pipeline to support infrastructure growth and resilience worldwide. (Photo: Business Wire) Following on the initial May 3, 2021 announcement of the launch of Bentley Education in the pilot countries of Australia, the UK, Singapore, Lithuania, and Ireland, the program is gaining a resounding r
X-Chem Acquires ComInnex25.10.2021 21:00:00 EEST | Press release
X-Chem, the pioneer of DNA-encoded library (DEL) technology and recognized leader in generating actionable results to drive small molecule drug discovery, today announced the acquisition of ComInnex, a leading European provider of synthetic chemistry services and novel chemical technologies to support early-stage drug discovery. With demand for high-quality discovery services increasing across the world, this complementary pairing of a North American leader in DEL and medicinal chemistry with a European leader in synthetic chemistry and custom DEL services delivers the capacity, footprint and expertise to better serve the demands of customers in a global market. “As a united company, with an increased global presence, we are positioned to meet the increasing demand for innovative chemistry solutions and high-quality discovery services worldwide,” noted Matt Clark, Ph.D., CEO of X-Chem. “The acquisition of ComInnex further extends X-Chem’s expertise and scale of DEL services to help bio
European Commission Selects Humanigen’s Lenzilumab as One of the 10 Most Promising Treatments for COVID-1925.10.2021 17:30:00 EEST | Press release
Humanigen, Inc. (Nasdaq: HGEN), a clinical-stage biopharmaceutical company focused on preventing and treating an immune hyper-response called ‘cytokine storm’ with its lead drug candidate, lenzilumab, today announced the European Commission identified lenzilumab as one of the “10 most promising treatments for COVID-19” in a report and press release issued on October 22, 2021.1,2 “We are gratified the European Commission has recognized the potential of lenzilumab to offer an important treatment option for patients hospitalized with COVID-19,” said Cameron Durrant, MD, Chairman and CEO, Humanigen. “We look forward to continuing our discussions with colleagues at the European Medicines Agency to advance our efforts to submit a marketing authorization application for lenzilumab in COVID-19. We are also progressing with our early access program, under compassionate use, where allowed by regulations in some European countries and the United States.” *Lenzilumab is not authorized, or approved
Ferring Presents Award-Winning, Real-World Outcomes Analysis for Investigational Microbiota-Based Live Biotherapeutic, RBX2660, at ACG 202125.10.2021 15:00:00 EEST | Press release
Ferring Pharmaceuticals and Rebiotix, a Ferring Company, today announced the results of two key retrospective analyses at the American College of Gastroenterology 2021 annual congress. One analysis evaluated the safety and efficacy of investigational RBX2660 among a broad cohort of CDI patients with comorbidities commonly found in patients with CDI, and was recognized with a Presidential Poster Award for high-quality, novel, unique and interesting research. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211025005099/en/ Ferring Fact Sheet While the eligibility criteria in prospective clinical trials often are narrowly defined to include patients diagnosed with only CDI, this analysis allowed researchers to evaluate the impact of RBX2660 in a patient population that is more reflective of a real-world setting. In the analysis, 94 participants with comorbid conditions commonly found in people with recurrent CDI (rCDI) were trea
Study Finds Overwhelming Evidence That Color Blindness Hinders Learning in School, Reports EnChroma25.10.2021 15:00:00 EEST | Press release
EnChroma – creators of glasses for color blindness – today released the results of a landmark study that clearly demonstrates the negative effect color blindness has on learning for millions of students. The data strongly indicates that schools are failing to identify color blind students and that parents, educators and legislators need to better support these students. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211025005173/en/ Standard Color Vision and Color Blind View @EnChroma In early 2020, nearly 1,000 color blind people, including the parents of color blind children, shared their opinions about how Color Vision Deficiency (CVD) affected their educational experiences. Seventy-eight percent said they were often frustrated or confused by colors in school assignments and activities. One in three say color blindness affected their confidence in school, and 30% felt like they might be a “slow learner” before discovering
Rockefeller Capital Management to Open First International Office in London with the Formation of Rockefeller Asset Management International25.10.2021 15:00:00 EEST | Press release
Rockefeller Asset Management (RAM), a division of Rockefeller Capital Management, with a long track record of investing in global equities and ESG investing has announced the formation of Rockefeller Asset Management International, to expand its European market presence. The initial plans for expansion include opening an office in London, to better serve clients across the UK, Europe, and Asia. “Our Asset Management business has generated real momentum across Europe and we are excited to continue to serve our international clients with a full suite of sustainable investment products and a growing local presence,” said Greg Fleming, CEO and President of Rockefeller Capital Management. RAM, which was recently awarded the 2021 Principles for Responsible Investing (PRI) award for “ESG incorporation initiative of the year,” has seen strong growth in Europe. Over the last two years, the business, which surpassed $2.5 billion in assets from European investors, launched a UCITS ICAV, an Irelan
CAPRISA and Evotec Launch New Project to Fast-Track New Technology for HIV Prevention25.10.2021 14:53:00 EEST | Press release
Today, at a side meeting during the AU-EU Ministerial Summit in Kigali, Rwanda, Prof Salim Abdool Karim, Director of CAPRISA, announced a collaboration with a leading life science company Evotec for the designing and development of CAP256, a broadly neutralizing antibody against HIV. The project is a major expansion of the development of an antibody originally developed jointly by CAPRISA and the Vaccine Research Center (VRC) of the National Institute of Allergy and Infectious Diseases of the US NIH. This new project is a major boost for the CAP256 antibody as a potential tool in the fight against HIV in Africa and showcases the potential of African researchers to fight the continent’s high-burden diseases. The principal aim of the new joint project is to change the course of the HIV epidemic in Africa, which has 70% of the global HIV burden. CAP256, isolated from a South African woman by CAPRISA and the VRC, has demonstrated a good safety profile in Phase I studies. The next step is t
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom