TRACT harnesses new US$11.2m investment revolutionises sustainable farming practices and compliance.
TRACT, a SaaS platform spearheading agricultural sustainability, has secured a substantial US$11.2m in funding.
This financial backing involves ongoing support from major stakeholders including Archer Daniels Midland Company, Cargill, Louis Dreyfus Company and Olam. As well as this, new investors, The Working Capital Fund and Rabo Investments, the investment sector of Rabobank, have pledged their support.
This substantial investment underscores increasing trust in TRACT’s innovative approach to addressing one of the agricultural sector’s most critical issues: the complexity of sustainability reporting and compliance.
With these additional resources, TRACT is set to enhance tools for emissions monitoring, improve insights into farmer income and help businesses remain aligned with new regulations set by the European Union (EU).
Enhancing agricultural transparency
TRACT simplifies the process by which food and agricultural companies handle sustainability data.
Providing tools to overcome transparency challenges in the supply chain, the platform enables businesses to manage end-to-end data, perform thorough due diligence and share vital information effectively.
The platform has established a reputable name in the sector with its deforestation assessment methods, endorsed by leading names like Nestlé, Cargill and Olam Food Ingredients.
Additionally, TRACT collaborates with Wageningen University & Research in developing its tools for assessing human rights risks.
The company notably excels in assisting corporations to comply with stringent norms, such as the European Union Deforestation Regulation (EUDR).
CEO Allison Kopf explains: “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.”
Investment fuels growth and innovation
The latest funding round doesn’t just support TRACT’s growth; it also cements its position as a key driver in supply chain transformation.
With Rabobank stepping in as a new investor, TRACT is positioned to gain a powerful ally in providing sustainable finance to its members.
FFloris Onvlee, Director Corporate Venturing at Rabo Investments, is optimistic about the company’s future: “We see TRACT being 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.”
The Working Capital Fund, an initiative by The Omidyar Group, also sees great potential in TRACT’s mission.
Managing Partner Ed Marcum also highlights the urgent need for this platform, stating: “Fragmented sustainability data is a pronounced pain point for corporations seeking to operate ethical and sustainable supply chains.
“TRACT solves this by offering a one-stop-shop sustainability platform designed by and for industry leaders.”
This sentiment is echoed by Tim Harry, a TRACT Board Member and Global Head of Business Development at LDC: “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.”
Collaborative efforts for enhanced transparency
TRACT’s competitive edge springs from its origins — it was developed by industry leaders specifically for the industry.
The platform allows companies to focus on measurable sustainability impacts while reducing the administrative burden of managing complex data systems.
Carrie Johnson, Board Member of TRACT and Sustainability Analytics and Reporting Director at Cargill, emphasises the importance of this collaboration: “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.”
Beyond just ensuring compliance, TRACT’s platform fosters meaningful transformations across supply chains, advancing a more sustainable food system by offering actionable insights and uniting stakeholders within the industry.
