Amsterdam-based TRACT, which offers sustainability measurement systems for supply chains, announced that it has raised $11.2 million in new funding. The funds will be used to expand the scope of the company’s services, which include a SaaS platform that enables companies in the agricultural and food industries to assess and develop methods to reduce their carbon footprints.

The new funding will accelerate initiatives related to scope 3 (indirect) emissions, as well tracking insights into farmer income and working to support reporting related to CSRD and CSDDD, EU regulations that require companies to report sustainability information, along with performing due diligence on the sustainability of the organizations they work with, TRACT said.

The financing round included investments from new investors The Working Capital Fund and Rabo Investments, the captive investment arm of Rabobank, as well as participation from existing shareholders Archer Daniels Midland Company (ADM), Cargill, Louis Dreyfus Company (LDC), and Olam.

According to experts, the food and agriculture sectors account for a quarter of all greenhouse gas emissions, and the sector faces unprecedented challenges and calls for greater sustainability goals. Its platform, TRACT says, provides data on environmental impact to users, without the burden of managing complex data systems, enabling them to determine the best ways to reduce their carbon footprint.

Allison Kopf, CEO of TRACT, said:

“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.”

The company counts among its users a number of large food and agriculture companies, who use the platform 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.

Floris Onvlee, director corporate venturing at Rabo Investments, said:

“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.”