Home / Knowledge / News / Information Technology / TrusTrace receives 10.5 mn SEK funding from BackingMinds

TrusTrace receives 10.5 mn SEK funding from BackingMinds

Sep '19
Pic: Trustrace
Pic: Trustrace
TrusTrace has received funding of 10.5 million SEK from Swedish Venture Capital firm BackingMinds for its newly developed digital platform that gives fashion and textile companies a complete picture of their products' journey from fibre to garment. The platform is blockchain-based and utilises machine learning to automate data collection and verification work.

Brands and retailers can not only use the platform to improve data collection and analysis work, but also to visualise and communicate this data towards the end-consumers in a reliable and cost-effective way. Traceability makes it possible to validate the amount of water used in production, greenhouse gas emissions, the presence of micro plastics or chemicals, social aspects such as child labour and hundreds of other factors that can help the end customer to make the right decision about their consumption, said TrusTrace in a press release.

As of today, TrusTrace has around 20 customers, including Swedish Houdini, Filippa K, Icebug and Fjällräven - all of which are fashion labels that have taken the lead towards sustainability. There are currently over 1500 registered factories from all over the world on the platform, which are all sourced through the brands.

"On the one hand, we see that consumers increasingly demand transparency and on the other, that the fashion industry struggles to collect, analyse, verify and visualise data throughout their value chain. For many of these brands, transparency will become a question of survival. The founders behind TrusTrace have created an impressively holistic solution that enables scalable impact, while opening up for brand new business models and increasing profitability," said Sara Wimmercranz at BackingMinds.

"Without the use of smart technology, it will be impossible to deliver traceability and transparency in a resource-efficient way. TrusTrace is the global leader in developing this type of technology," said Susanne Najafi of BackingMinds.

"Today, brands are also realising the benefits of circular business models such as re-commerce, renting and second-hand. In such models, being able to verify your product before and after it has been sold is of crucial importance. This is all made possible through TrusTrace's technology," added Najafi.

The journey of TrusTrace started when Saravanan Parisutham's parents discovered that the river and groundwater in their Indian hometown had turned purple due to the large amount of discharge from textile factories in the area. Sweden seemed like the perfect place for the founders to start, mainly due to the growing awareness amongst Swedish consumers and the willingness from Swedish brands to use sustainability as a means to secure long term profitability.

"I felt like I needed to solve the problem. Unfortunately, it turned out to be a global rather than a local task. The digital solutions that I built back then became the foundation of the company my friends Hrishi, Shameek, Madhava and I founded together," said Saravanan Parisutham, founder of TrusTrace.

"We couldn't have imagined a better investor than BackingMinds. Sara and Susanne have a deep knowledge and a wide network, especially within retail. They are also entrepreneurs themselves and are not afraid to roll up their sleeves. Just like us, they want to drive growth while also attempting to make the world a better place," said Shameek, CEO of TrusTrace.

TrusTrace was founded in 2016 by Saravanan, Hrishikesh, Shameek and Madhava. It is a platform that provides traceability as a service to the fashion and textile industry through the use of blockchain, AI/ML, BOTS and IoT. TrusTrace's headquarter is in Stockholm, with a Tech centre in Coimbatore, India. (PC)

Fibre2Fashion News Desk – India

Must ReadView All

Pic: Shutterstock

Textiles | On 25th Jan 2022

New US legislation to fix import loophole, boost oversight unveiled

Earl Blumenauer, chairman of the US House of Representatives ways and ...

Pic: Shutterstock

Apparel/Garments | On 25th Jan 2022

China’s garment industry earned $209 bn in revenue in Jan-Nov 2021

About 12,659 garment companies of China earned a combined operating...

Pic: Shutterstock

Apparel/Garments | On 25th Jan 2022

AmCham says RCEP aligns with economic reforms in Philippines

AmCham Philippines has joined the call for the immediate concurrence...

Interviews View All

Water stewardship, Stakeholders

Water stewardship

Water use efficiency remains relatively unexplored

Textile Industry, Head honchos

Textile Industry
Head honchos

Quality & affordability to affect market acceptability of new fibres

Textile Industry, Head honchos

Textile Industry
Head honchos

Fabric selection & recommendation based on client's brief

Seema Mishra,

Seema Mishra

Set up in January 2020 by <b>Seema Mishra</b>, the Kasrawad Art Cluster...

Yawer Ali Shah,

Yawer Ali Shah

Synthetic colours and dyes were all the rage till the very first ban on...

K Madhavan,

K Madhavan

Established in 2005 by P Manjunath, Peps is India's largest inner spring...

Michael Jaenecke, Messe Frankfurt

Michael Jaenecke
Messe Frankfurt

From May 14 to 17, international exhibitors will present the entire...

Daniel Odermatt, Ventile

Daniel Odermatt

Ventile is a registered trademark used to brand a special high-quality...

Keith McMillen, Bebop Sensors

Keith McMillen
Bebop Sensors

Bebop Sensors' smart fabrics allows for a new level of interaction between ...

Sandeep Gonsalves & Sarah Gonsalves, Sarah & Sandeep

Sandeep Gonsalves & Sarah Gonsalves
Sarah & Sandeep

Established in 2012, Sarah &amp; Sandeep is a luxury menswear label...

Vidur Adlakha & Riccardo Bennidini, La Fuori

Vidur Adlakha & Riccardo Bennidini
La Fuori

With an active presence in US, Italy and India, clothing brand La Fuori...

Ruma Devi, Gramin Vikas Evam Chetna Sansthan

Ruma Devi
Gramin Vikas Evam Chetna Sansthan

<b>Ruma Devi i</b>s a jet-setting promoter of artisans who has empowered...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments


Lululemon Athletica Inc
Rayonese Textile Inc., Division de Culp Inc.
OVS Hong Kong Sourcing Ltd.
Lisa S.P.A.
Hirdaramani International Export Private Limited
Alix Partners
Sateri (Jiujiang) Fiber Co.,Ltd
Cat Tuong Real Estate Group Joint Stock Company
KAS Direct Sourcing
The Top Form Brassiere Manufacturing Company Limited
G-Star Raw C.V.
Hela Clothing Pvt Ltd
Chico’ FAS
Grasim Industries Limited
C;&A Sourcing International Ltd
The LYCRA Company Singapore  Pte. Ltd
Truetzschler India Private Limited
Under Armour Global Sourcing Ltd
Sportswear Company Spa
IKEA of Sweden AB
Calvin Klein
Alison Hayes Romania
Rosset ;& Cia Limited
Brandix Lanka Limited
Deckers Outdoor (Guangzhou) Consultant Co., LTD.
Lenzing Aktiengesellschaft
LC Waikiki
Gap International Sourcing Limited
Desigual - ABASIC, S.A.
T.T. Limited
Green Fibre
Restoque S.A.
Target Corporation (MN)
Arvind Limited
Vianney Textil Hogar S.A. De C.V.
Aquarelle Clothing Limited
Seasalt Limited
Helly Hansen Far East Ltd
John Varvatos
Tory Burch Hong Kong Ltd
Tommy Hilfiger
Page Industries Limited (Bangalore)
Vardhman Textile Ltd
Sportmaster Ltd.
Boardriders Asia Sourcing Limited
H;&M Hennes ;& Mauritz (Far East) Ltd
Benetton Group
Huntsman (Singapore) Pte Ltd
Etam Group Strategy Hong Kong Limited
Eastman Chemical Company
Lacoste (Wanchai)
Tchibo GmbH
Groz-Beckert East Asia LLP
J ;& P Coats
Maceton Limited
Aramark Uniform ;& Career Apparel, LLC
Landmark Group
Gatsby Africa
Gloria Jeans
Esprit Europe Services GmbH
IDH – The Sustainable Trade Initiative
Guess Europe Sagl,
Recron Polyester from Reliance Industries Limited
Phong Phu international JSC (PPJ)
Bluestem Global Sourcing Limited
International Textile Manufacturers Federation
Amazon China
Sainsbury's Argos Asia Limited
NITI Aayog
Chori Company Limited
PVH Corporation
SHAHI Exports Pvt Ltd
Midas Clothing Limited

January 2022

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

Advanced Search