TRACT Secures £11.2M to Propel Agri-food Sustainability
Leading Software as a Service (SaaS) platform, TRACT, renowned for its initiatives in promoting agricultural sustainability, proudly announces a significant boost in funding, obtaining an impressive US$11.2m. This financial support amalgamates ongoing endorsements from pivotal industry players including Archer Daniels Midland Company (ADM), Cargill, Louis Dreyfus Company (LDC) and Olam, with The Working Capital Fund and Rabo Investments, the investment branch of Rabobank, joining as new investors.
This infusion of capital underscores the escalating confidence in TRACT's novel strategies targeted at addressing the formidable challenges of sustainability reporting and adherence faced by the agricultural sector. With these added resources, TRACT is set to further refine tools geared towards emissions tracking, bolster farmer income evaluations and aid enterprises in complying with the new European Union regulations.
Easing the sustainability challenge
In its mission to aid food and agriculture enterprises in simplifying their sustainability data management, TRACT offers comprehensive tools tailored to mitigate supply chain transparency challenges. Companies utilising TRACT can seamlessly track comprehensive data, undertake thorough due diligence and efficiently share insights across platforms.
Having already established a robust benchmark within the industry, TRACT boasts methodologies validated by major corporations such as Nestlé, Cargill and ofi (Olam Food Ingredients) for deforestation assessment. Its frameworks for appraising human rights risks have been crafted in collaboration with Wageningen University & Research.
Moreover, TRACT is lauded for its guidance in aiding companies to adhere to rigorous regulations like the European Union Deforestation Regulation (EUDR).
"We believe in shaping increasingly sustainable agricultural supply chains for a better future," says CEO Allison Kopf. "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."
Investment enhances market position
The recent funding not only amplifies TRACT's developmental pace but also cements its status as a crucial player in transforming supply chains. Graced with Rabobank's investment, TRACT now enjoys the support of a formidable ally in providing sustainable finance to the agriculture community.
"We see TRACT being best positioned to become the single go-to platform for sustainability data management and traceability across the agricultural supply chain," adds Floris Onvlee, Director of Corporate Venturing at Rabo Investments. "Our investment enables TRACT to accelerate its growth and launch more solutions to transition towards a more sustainable value chain."
Representing The Working Capital Fund, Managing Partner Ed Marcum also recognises the acute need for TRACT's services.
"Fragmented sustainability data is a pronounced pain point for corporations seeking to operate ethical and sustainable supply chains," he states. "TRACT solves this by offering a one-stop-shop sustainability platform designed by and for industry leaders."
A united front for transparency
In an era calling for pronounced transparency, TRACT stands out by being conceived and developed by industry magnates. Its platform enables companies to concentrate on quantifiable sustainability impacts while alleviating the administrative burdens associated with managing complex data systems.
Board Member of TRACT and Sustainability Analytics and Reporting Director at Cargill, Carrie Johnson, underscores the importance of collaborative transparency efforts.
"The food and agriculture industry is under increasing public and legislative pressure for greater transparency. 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," she says.
With TRACT's pivotal role, not only in regulatory compliance but in fostering substantive enhancements across supply chains, it stands at the forefront of steering agricultural supply chains towards a more sustainable and responsive future.
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