Sustainability tech specialist Provenance announces $5m funding round led by S4S Ventures and Nordic Eye

Provenance, a sustainability communications platform, has announced a $5 million funding round led by S4S Ventures, the investment firm co-founded by Sir Martin Sorrell, and Nordic Eye, alongside Alumni Ventures, Angel Academe and a grant from the UK government via Innovate UK.

Sanja Partalo, Co-Founder and Managing Partner of S4S Ventures, joins the board as part of the investment. 

Provenance is a data platform that validates and amplifies sustainability claims for over 230 xonsumer packaged goods (CPG) brands and retailers such as Unilever, Estee Lauder, THG, Princes and Arla, across 18 markets globally.

This enables businesses to be transparent about sustainability and inform consumers about their social and environmental impact in a way that’s accurate, unambiguous and substantiated at the point of sale.

Provenance lays claim to the largest database of validated sustainability claims, featuring 1.8 million products across 10,000+ brands.

It says that this enables retailers to save time, complexity and risk in validating multiple brands’ sustainability claims. Brands also save time and effort by managing and syndicating validated claims to multiple retailer channels easily from one platform. 

Beyond mitigating risk, the platform enables businesses to turn sustainability from a cost centre to a profit centre.

By harnessing the underlying data, retailers such as Cult Beauty are driving up to 35% higher purchase rates for participating brands through product search and filter, conversion rate optimisation and loyalty programmes. 

The new funding will be used to fuel Provenance’s network growth internationally and further develop and automate its data capabilities. 

In addition to the funding round, Provenance has secured a government grant via Innovate UK to develop an AI platform for CPG sustainability data.  

Jessi Baker, Founder at Provenance, says: "Tackling the climate crisis and social inequalities are some of the biggest global challenges facing our generation – and marketing teams have a unique and crucial part to play in driving system change.”

“Provenance exists to empower marketers to put validated sustainability data directly in the hands of the consumer, in a way that’s compliant with regulation, is scalable and drives growth. With the support of S4S and Nordic Eye, we’re excited to accelerate towards our goal of empowering one billion citizens to choose products that match their values.”

Sir Martin Sorrell, Co-Founder of S4S Ventures, says: “Sustainability isn’t just a good principle, it’s essential. No CEO should risk greenwashing as global regulations demand genuine commitment and Provenance provides vital data and frameworks for clients as they navigate this new normal.”

“With Provenance, sustainability becomes a lever for growth. Brands that transparently share their green journey don’t just build trust, they win the market.”

Sanja Partalo, Co-Founder and Managing Partner of S4S Ventures, comments: "We are excited to be supporting Provenance in the next stage of its growth and development.”

“There is a growing need for businesses to be able to demonstrate their social and environmental impact in a transparent manner, and consumers are increasingly basing their choices around this.”

“Rooted in Europe, where businesses are now being held up to the strictest standards, the solution that Provenance provides is the most sophisticated in the market. It is not simply a nice to have, but an essential part of the tech stack for advertisers and marketers." 

Christian Tarp, Senior Partner at Nordic Eye Venture & Growth Capital, says: “Provenance is solving a huge unmet need as more and more data from carbon to packaging to diversity is trapped within silos, incomprehensible and left to rot within internal B2B systems.”

“Its success in empowering businesses to harness their sustainability data to drive growth across the customer journey is evident in their strong growth to date with marquee brands and retailers, global reach and entrenched network effects.”

“We are excited to continue to back Jessi and the team who are pioneering the market”