TrusTrace, a Stockholm, Sweden-based SaaS company specializing in product traceability and compliance, has raised $24 million in growth funding.
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.
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.
Company: Swin Technologies AB
Round: Growth Round
Funding Month: January 2024
Lead Investors: Circularity Capital
Additional Investors: Industrifonden and Fairpoint Capital
Company Website: https://trustrace.com/
Software Category: Supply Chain Traceability Software