TrusTrace Secures $24 Million in Funding

by Kay Aloha Villamor in January 19th, 2024

TrusTrace, a Stockholm, Sweden-based SaaS company specializing in product traceability and compliance, has raised $24 million in growth funding.  

SaaS Investors  

The round was led by Circularity Capital, with participation from existing investors Industrifonden and Fairpoint Capital.  

Founded in 2015, Circularity Capital is a private equity firm based in Edinburgh, United Kingdom. The company works as a hands-on investor, harnessing specialist expertise and knowledge in the circular economy to support the businesses that it backs. It seeks to invest in European circular economy businesses in the software and technology sectors.  

TrusTrace Use of Funds  

The company plans to use the funding to accelerate global expansion, strengthen its presence in key markets, deepen product innovation, and expand collaborations.  

About TrusTrace  

Founded in 2016 by Shameek Ghosh, Hrishikesh Rajan, Madhava Venkatesh, and Saravanan Parisutham in 2016, TrusTrace provides a platform for traceability and compliance data management for high-volume footwear and textile value chains, especially high-risk commodities and production facilities in high-risk regions. Notable customers include Adidas, Brooks Running, Tapestry, and Asics. The company is headquartered in Stockholm, Sweden, with additional offices in India, France and the US.  

Funding Details                       

Company: Swin Technologies AB    

Raised: $24.0M       

Round: Growth Round  

Funding Month: January 2024                                                           

Lead Investors: Circularity Capital  

Additional Investors: Industrifonden and Fairpoint Capital  

Company Website:   

Software Category: Supply Chain Traceability Software  


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