The British startup raised $800,000 in seed funding in 2017. Provenance hopes to build supply chain products that improve transparency in food transportation. The company was eyeing the sector since 2013.
Provenance aims to use the raised money to deploy its blockchain-backed solution in over 1000 food and drinks businesses by 2025 and establish a new standard for consumer trust in the food industry.
Commenting on the investment, the musician Peter Gabriel said
“We need to be able to trust the source and distribution chain, particularly when it comes to guaranteeing that things are produced ethically and in an ecologically sound way. I am convinced that the service Provenance provides, using their blockchain data system, is going to find a big role going forward and will be of great use to the consumer and provide a level playing field for smaller, independent producers on which to compete with the big players.”
It is the first time the musician has invested in a blockchain-based project. Other notable project in which Gabriel invested in the past is the marketing platform Ctrlio.
In 2007, Peter Gabriel received the Man of Peace award, presented by the Nobel Peace Laureates. Other notable awards include the ‘Chevalier dans l’Ordre des Arts et des Lettres’ and the ‘Quadriga’ award. Furthermore, he has twice been inducted into the Rock and Roll Hall of Fame. He is also the recipient of the Polar Music Prize, Grammy awards and even an Oscar nomination.
Provenance also made changes to its board of directors. While, Alexsis de Raadt-St. James, founder and managing partner of Merian Ventures, joins as Chairperson of the Board of Directors, Chemain Sanan, Partner at Working Capital, takes the role as a Director. Both de Raadt-St. James and Sanan are expected to offer their guidance in helping the company to scale further.
Jessi Baker, CEO of Provenance, said
“Our mission at Provenance is to improve the lives and well-being of the people behind consumer products by bringing trusted, accessible information to commerce. This funding will help us develop our tools to meet the business need for more trustworthy supply chains whilst empowering shoppers to make a positive impact.”