Provenance, a digital platform enabling brands and retailers to bring integrity and transparency to their supply chains, raises money from strategic investors to revolutionise consumer trust
Following a successful international pilot tracking tuna through Southeast Asian supply chains, and a pilot project with the world’s largest consumer cooperative to track fresh produce from origin to supermarket, Provenance has secured $800K (£650K) in private investment to complement ongoing grant funding, and enable a market launch in the UK and beyond.
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.
Photo: Provenance tracking tuna (credit: Provenance)
Photo: Provenance Interface Tracking (credit: Provenance)
Photo: Provenance Interface Transparency (credit: Provenance)
“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,” says Jessi Baker, CEO of Provenance. “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.”
Funding has been secured from an impact investing initiative of Humanity United, a foundation that is part of the Omidyar Group which represents the philanthropic, personal, and professional interests of the Omidyar family. Humanity United is joined by Merian Ventures founder Alexsis de Raadt-St. James, leading blockchain investors Digital Currency Group (DCG), startup accelerator Plug and Play Tech Center, as well as a selection of handpicked UK angel investors including the Angel Academe, and John Taysom, founder of Reuters Venture Capital (RVC) and Board Observer of Yahoo and Infoseek.
Provenance is launching the first 100 transparent products in October, following a pre-launch of organic products in partnership with the Soil Association for Organic September. UK food and drinks businesses can apply to be a founding Provenance member by signing up at provenance.org.