TRACT, a SaaS platform dedicated to enhancing sustainability in agricultural supply chains, announced it has raised $11.2 million in new funding. This funding round includes more 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).
Launched by global food and agriculture leaders, TRACT is transforming agricultural supply chains by simplifying data management and addressing the complexities of sustainability reporting. And by aligning methodologies and metrics, TRACT enables companies to focus on creating measurable impact without the burden of managing complex data systems.
The food and agriculture sector faces major 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. And TRACT helps address these challenges and expectations by facilitating supply chain transparency and traceability from origin to destination.
The new funding round will accelerate TRACT’s initiatives related to scope 3 emissions tracking and insights into farmer income, and work to support reporting related to CSRD and CSDDD.
KEY QUOTES:
“We believe in shaping increasingly sustainable agricultural supply chains for a better future. 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.”
– Allison Kopf, CEO of TRACT
“Fragmented sustainability data is a pronounced pain point for corporations seeking to operate ethical and sustainable supply chains. 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.”
– Ed Marcum, Managing Partner of The Working Capital Fund (incubated within The Omidyar Group)
“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.”
– Tim Harry, Board Member of TRACT and Global Head of Business Development at LDC
“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.”
– Floris Onvlee, Director Corporate Venturing at Rabo Investments
“Our partnership with TRACT highlights our commitment to supporting innovative solutions that enhance sustainable agricultural practices.”
– 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. 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.”
– Roel van Poppel, Board Member of TRACT and Chief Sustainability Officer from ofi (olam food ingredients)
“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.”
– 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. 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.”
– Kai-Uwe Ostheim, Board Member of TRACT and VP, Sustainability Portfolio, ADM
