TRACT, a pioneering SaaS platform dedicated to enhancing sustainability in agricultural supply chains, has successfully raised $11.2 million in new funding. This round includes further investments from the company's existing shareholders Archer Daniels Midland Company (ADM), Cargill, Louis Dreyfus Company (LDC), and Olam, alongside new partners The Working Capital Fund and Rabo Investments, the captive investment arm of Rabobank.
AMSTERDAM, Nov. 19, 2024 /PRNewswire-PRWeb/ -- TRACT, a pioneering SaaS platform dedicated to enhancing sustainability in agricultural supply chains, has successfully raised $11.2 million in new funding. This round includes further investments from the company's existing shareholders Archer Daniels Midland Company (ADM), Cargill, Louis Dreyfus Company (LDC), and Olam, alongside new partners The Working Capital Fund and Rabo Investments, the captive investment arm of Rabobank.
"We believe in shaping increasingly sustainable agricultural supply chains for a better future," said Allison Kopf, CEO of TRACT. "Partnering with The Working Capital Fund and Rabo Investments strengthens our independence as a company and shows confidence in our approach to creating positive impact in the agricultural sector."
Founded by global food and agriculture leaders, TRACT is transforming agricultural supply chains by simplifying data management and addressing the complexities of sustainability reporting. By aligning methodologies and metrics, TRACT enables companies to focus on creating measurable impact without the burden of managing complex data systems.
The Working Capital Fund, incubated within The Omidyar Group, expressed enthusiasm for the impact potential of TRACT. "Fragmented sustainability data is a pronounced pain point for corporations seeking to operate ethical and sustainable supply chains." said Ed Marcum, Managing Partner. "TRACT solves for this by offering a one-stop-shop sustainability platform designed by and for industry leaders and unlocks the ability to navigate, oversee, and share sustainability data and catalyze supply chain transformation."
"We are proud to welcome Rabobank and The Working Capital fund as new partners, securing additional funding to accelerate TRACT's strategic growth plans as an independent entity, while further leveraging data to enhance the sustainability of the agricultural sector," said Tim Harry, Board Member of TRACT and Global Head of Business Development at LDC.
Floris Onvlee, Director Corporate Venturing at Rabo Investments added, "We see TRACT being as best positioned to become the single go-to platform for sustainability data management and traceability across the agricultural supply chain. Our investment enables TRACT to accelerate its growth and launch more solutions to transition towards a more sustainable value chain."
Rabobank, a leading global food and agri bank, will also collaborate with TRACT to offer sustainable finance to TRACT members. "Our partnership with TRACT highlights our commitment to supporting innovative solutions that enhance sustainable agricultural practices," said Diane Boogaard, Board Member of TRACT and Head of Global Food System Transition at Rabobank.
"TRACT's competitive advantage lies in its foundation, built by and for its customers," noted Roel van Poppel, Board Member of TRACT and Chief Sustainability Officer from ofi (olam food ingredients). "Our aim is to see TRACT drive scalable impact in the agriculture sector through wider
industry collaboration. This growth in the investor base is therefore a significant milestone and opportunity for even more collective progress."
The food and agriculture sector faces unprecedented challenges and calls for greater sustainability goals, amid more vulnerable supply chains to strict sustainability goals and increasing social and regulatory pressure for greater transparency. TRACT helps address these challenges and expectations by facilitating supply chain transparency and traceability – from origin to destination.
"The food and agriculture industry is under increasing public and legislative pressure for greater transparency to help manage environmental and social issues. At Cargill, we believe one of the only ways we can continue to build trust in the industry is through more transparency. That's why we continue to invest in initiatives like TRACT, which will help accelerate food and agriculture system transformation by improving transparency from growers to retailers across food and ag supply chains," said Carrie Johnson, Board Member of TRACT and Sustainability Analytics and Reporting Director at Cargill.
"Sustainability stands at the core of our company's values, and we are thrilled to see the future expansion of TRACT's unique SaaS platform," said Kai-Uwe Ostheim, Board Member of TRACT and VP, Sustainability Portfolio, ADM. "Scaling this platform for the agricultural industry is crucial to enhancing sustainability within agricultural supply chains by improving the visibility and harmonization of sustainability metrics."
TRACT is used by leading food and agriculture companies to reduce the burden of sustainability reporting, providing end-to-end due diligence and data sharing functionality. TRACT has published methodologies on Deforestation Assessment endorsed by companies such as Nestlé, Soya Hellas, Cargill, ADM, LDC, Olam Agri, and ofi, and has developed risk scores for human rights in partnership with Wageningen University & Research. The company is a market leader in EUDR, and the new funding will accelerate TRACT's initiatives related to scope 3 emissions tracking and insights into farmer income, as well as work to support reporting related to CSRD and CSDDD.
About TRACT
TRACT is a leading provider of traceability and sustainability data solutions for the global agricultural supply chain. Our mission is to remove the burden of data management and resolve the debate on methodology so that companies can drive meaningful impact as they navigate their supply chains.
For more information about TRACT, visit https://www.tract.eco/
Media Contact
Kumiko Aoki, TRACT, 31 639368252, [email protected], www.tract.eco
SOURCE TRACT
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