Provenance’s new funding, led by venture fund Working Capital, will support its digital platform to enable brands and retailers to bring integrity and transparency to their supply chains.
Provenance secured additional 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 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.
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.
“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,” said 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.”
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.”
“Provenance’s platform and use of technology can disrupt how companies and consumers track products in supply chains. We have been continually impressed with Jessi’s vision as a leader in the blockchain space, and are thrilled to continue our successful partnership with Provenance to realize our shared vision of more transparent and ethical supply chains,” said Chemain Sanan, Partner of Working Capital.