“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,” TrusTrace CEO Shameek Ghosh said in a statement.
“Together with our partners, we can continue helping brands discover suppliers and map the complete supply chain from source to end-product.”
Founded in 2016, TrusTrace uses artificial intelligence and blockchain technology to enable “product-level traceability” that can help enterprise customers in the the food, fashion, and retail sectors to make “better, more sustainably conscious and socially responsible sourcing decisions,” Ghosh said.
The Stockholm-based startup uses QR code labeling to keep track of items as they move through the supply chain. Its software generates insights that assist brand owners in managing risk, compliance, and product claims support issues, as well as to calculate the carbon footprint of their supply chain activities. They can keep tabs on their suppliers at different points throughout the value chain to ensure sustainability standards are met. At a more granular level, TrusTrace customers can trace goods at the lot level, establishing transparency all the way from raw materials to the finished product. The tech also allows them to share data on the provenance, and the environmental and social impact, of their products with increasingly eco-conscious end consumers.
The platform’s open architecture means it can be integrated with the internal enterprise IT systems used by different manufacturers, suppliers, and retailers throughout the value chain – as well as those used by certification agencies and other third-party sustainability solution providers.
TrusTrace claims that its platform has tracked over 8,000 suppliers, 250,000 products, and goods worth more than $12 billion to date. Its client base currently numbers around 40, including Swedish fashion and apparel brands Fjällräven and Filippa K, German online fashion and beauty store Zalando, French sports equipment retailer Decathlon, and Swedish supermarket chain Co-op.
The startup is working with the latter to gather data information in order to make a sustainability declaration, measuring 10 parameters across the supermarket’s 17,000 food products. Its technology will also be deployed to help Co-op shoppers to “make conscious and more informed choices when buying their groceries.”
TrusTrace said it will use the Series A capital to boost its international expansion, grow its team, and accelerate product development.