Trending post
Tract is a SaaS firm that aimed to undertake the goal of making agriculture supply chains more sustainable. With the success of raising $11.2 million, the funding round was supported by some reputable investors, such as Archer Daniels Midland Company (ADM), Cargill, Louis Dreyfus Company (LDC), Olam, and new partners, The Working Capital Fund, and Rabo Investments.
Tract aims to accelerate a couple of initiatives targeting the improvement of sustainability tracking and reporting in agriculture, particularly focusing on two major areas: scope 3 emissions tracking and better insights into farmer income. The money will also help in efforts to assist companies in food and agriculture sectors in adhering to new rules like Corporate Sustainability Reporting Directive (CSRD) and Corporate Sustainability Due Diligence Directive (CSDDD), which are becoming integral parts of sustainability reporting in Europe.
Founded by CEO Allison Kopf, Tract offers traceability and sustainability data solutions to food and agriculture firms that simplify sustainability reporting. Its due diligence and full data sharing capability enables firms to track and report sustainability metrics within the entire agricultural supply chain.
Being one of its strongest advantages, Tract helps companies understand and manage scope 3 emissions, which are indirect releases into the atmosphere through various supply chain means. The tracking and reduction of such emissions are usually a major headache for most businesses. Therefore, the platform provided by Tract eases the way and makes such processes more transparent. Besides, Tract is working to offer deeper insight into farmer income as a means of promoting sustainable and fair agricultural practices.
Funding will also help the company support compliance in the European regulations: through CSRD and CSDDD, which now compel companies to make disclosures about their sustainability-related data. Increasing the demand is made among companies regarding transparency into their environmental impact and social responsibility. Tract’s platform is of paramount importance today, helping companies simplify and improve sustainability reporting.
The innovative approach of Tract to agricultural sustainability is increasingly gaining recognition with strong backing from major players in the food and agriculture sectors. It is perfectly positioned to make a difference in the futures of sustainable agriculture by helping businesses address complex reporting requirements and track key sustainability metrics.
