Dive brief:
- Supply chain traceability platform TrusTrace received a $24 million growth investment, which the company said it will use to “accelerate its global expansion ambitions by strengthening its presence in key markets,” according to a news release sent to Fashion Dive.
- In addition to expanding, TrusTrace said it will use the investment to continue working on its product innovation and expanding its collaborations in line with its stated goal of creating “a global network where all value chains are traceable, circular, and fair.”
- TrusTrace customers include Adidas, Brooks Running, Tapestry and Asics, per the release, and it plans to offer services to regional and mid-size brands in 2024.
Dive insight:
More fashion companies are implementing traceability into their supply chain to keep up with pending EU regulations.
TrusTrace, a Sweden-based SaaS company, works with brands and suppliers in the textile and footwear industry on supply chain traceability and compliance data management.
In 2023, TrusTrace partnered with U.K.-based apparel retailer New Look on supply chain software meant to boost transparency in its sourcing and business practices. It also launched a pilot program for a Digital Product Passport, in line with proposed EU regulations that call for DPPs to be added to all textiles sold in Europe by 2030.
“A growing number of fashion and textile brands are adopting traceability to support their sustainability goals and ensure competitiveness in the face of mounting regulations and consumer pressure,” Shameek Ghosh, TrusTrace CEO and cofounder, said in the release. “The completion of this new growth investment is proof that traceability lies at the core of sustainable transformation. Backed by the new funding, TrusTrace will continue to be the fashion industry’s trusted partner for discovering and managing supply chain risk, ensuring compliance and driving true sustainability across all value chains.”
