Provenance, a British tech startup has secured funding from musician Peter Gabriel, as well as its existing group of investors, led by Working Capital Fund, including Digital Currency Group, Merian Ventures and Plug and Play to continue their product expansion.
Provenance was one of the early leaders to track products along a supply chain on the blockchain—an exciting new technology bringing a new layer of trust to the web. The company aims to use its funding for setting a new standard for consumer trust in the food sector by implementing its blockchain-backed solution with over 1000 food and drinks businesses by 2025.
Provenance is also announcing strategic additions to its board of directors. Alexsis de Raadt-St. James, founder and managing partner of Merian Ventures, will join as Chairperson of the Board of Directors, and Chemain Sanan, Partner at Working Capital, will join as a Director. Both de Raadt-St. James and Sanan bring critical knowledge in helping support high-growth technology companies as they scale.
Speaking about his funding of the company, 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. Jessi Baker and her team are very impressive and I fully expect them to do really well.”
Peter Gabriel is a musician. He founded the group Genesis with a bunch of friends from school. Since leaving in 1975 he has pursued a solo career releasing albums and film scores.
On their part, CEO of Provenance Jessi Baker said their 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 Provenance develop tools to meet the business need for more trustworthy supply chains whilst empowering shoppers to make a positive impact, Jessi added.
Chemain Sanan, Partner of Working Capital said Provenance's platform and use of technology can disrupt how companies and consumers track products in supply chains.