ESG Today writes that 2016-founded TrusTrace is a Sweden-based platform that offers a software-as-a-service (SaaS) solution that allows companies track their supply chains, standardizing how big and small brands trace the source of the materials they use.

TrusTrace focuses mainly on the fashion industry and the company allows players in the sector to better comply with regulations and own-sustainability goals regarding a more planet-friendly production.

The registered data can be used for things like product claims, carbon footprint calculations and compliance. Adidas, Asics and Brooks Running are some of TrusTrace's more notable customers that already use the platform to showcase their investment in sustainable fashion.

Shameek Ghosh, CEO and Co-Founder of TrusTrace, said that "a growing number of fashion and textile brands are adopting supply chain traceability to support their sustainability goals and ensure competitiveness in the face of mounting regulatory and consumer pressure. The completion of this growth investment is further evidence that businesses see traceability as critical to achieving their sustainability goals."

TrusTrace officials claim that the funding of 24 million USD will be used to expand the company's software platform to a global level. Existing investors Industrifonden and Fairpoint Capital also participated in the financing round.