Genesis founder Peter Gabriel backs Provenance
Musician Peter Gabriel has invested an undisclosed amount in UK blockchain startup Provenance. Others involved in the round include Working Capital Fund, Digital Currency Group, Merian Ventures and Plug and Play. Merian founder Alexsis de Raadt-St. James and Working Capital partner Chemain Saan will join Provenance's board.
The venture aims to make the food supply chain more transparent and is looking to implement its blockchain solution with over 1,000 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," says Jessi Baker, CEO at 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."
Gabriel comments: "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.”