EIT Manufacturing invests in ChainTraced to green supply chain
ChainTraced, a Swedish startup that allows industrial companies to track emissions, and help make the supply chain greener, achieved an investment milestone thanks to networking support – and investment – from EIT Manufacturing.
Ensuring greener supply chains is a crucial step to reaching Europe’s ambitious climate goals, as they can account for more than 90% of a company’s greenhouse gas emissions. The startup ChainTraced develops digital solutions allowing companies to trace greenhouse gas data for the entire supply chain, creating better sustainability decisions and reporting. It also and can help improve economic performance by enabling more efficient management of the supply chain for metals.
Now EIT Manufacturing, has taken a financial stake in the startup, helping Chaintrace raise a total of SEK 11.2 million (just over €1 million) in a fund-raising round that ended in January. Along with providing their own funds.
“EIT Manufacturing gives us a strong platform to reach out to the manufacturing industry in Europe and start making a name for ourselves to attract large industrial partners and customers,” said Victor Andersson, ChainTraced CEO. “We have secured the capital requirement by a good margin to execute our business plan for the coming period.”
Support began at BoostUp Bridge to solve a sustainability challenges EIT Manufacturing support of ChainTraced began with the startup entering EIT Manufacturing’s BoostUp! Bridge competition which connects startups to solve real-world challenges of leading corporates. ChainTraced won the finals of that competition by responding to a challenge posed by EIT Manufacturing partner voestalpine High-performance metals, who were looking for a better way to measure and model CO2 emissions.
As a winner, ChainTraced received funding-support to run proof-of-concept with the Uddeholms AB in Sweden, a subsiduary of Vostelpine High-Performance Metals, receiving several months of EIT Manufacturing’s Business Creation Support services. This is how EIT Manufacturing is facilitating to solve critical industrial challenges while actively supporting an innovative startup.
Further, ChainTraced has been invited to highlight their accomplishments EIT Manufacturing events connecting startups and industry, including Connecting Norwegian industry to the European innovation ecosystem, where ChainTraced CEO Andersson gave a presentation on how startups can help corporates jumpstart innovation. They were also given a platform for presentation at EIT Manufacturing Leading Lights events in May 2022 and in January 2023 focused on sustainable manufacturing in north Europe, which has led to further collaboration opportunities.
“ChainTraced commitment to sustainability through value-chain tracking and traceability has the potential to bring real value and impact to the industry. It is exciting to see them reach new heights with the support of EIT Manufacturing,” said Abir Hossain, Business Creation Manager at EIT Manufacturing.
“By investing in ChainTraced’s efforts, we are not only helping them to grow, but also contributing to the transformation of the manufacturing sector towards a greener and more sustainable future.”