Provenance secures additional funding as well as exciting new additions to our board.
We have secured additional funding from musician Peter Gabriel, as well as from our existing group of investors, led by Working Capital Fund, including Digital Currency Group, Merian Ventures and Plug and Play to continue the Provenance product expansion.
We have also made strategic additions to our 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.
The aim is to use the funding for setting a new standard for consumer trust in the food sector by implementing our blockchain-backed solution with over 1000 food and drinks businesses by 2025.
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.
In 1980 he founded WOMAD (World of Music Arts and Dance), which has presented 170 festivals in over 30 countries. In 1992 he founded Witness.org, pioneering the use of cameras and technology in Human Rights work. He also founded the Elders.org with Nelson Mandela and Richard Branson in 2001, to bring together a respected group of world leaders, whose influence stems not from political, economic or military power, but from experience, integrity and wisdom.
His other work interests have been in innovative technology, especially in digital media, audio, music, visual language and more recently health care.
Amongst awards received are the Man of Peace award, presented by the Nobel Peace Laureates in 2007, the ‘Chevalier dans l’Ordre des Arts et des Lettres’ and the ‘Quadriga’ award. He has twice been inducted into the Rock and Roll Hall of Fame, received various lifetime achievement awards, The Polar Music Prize, as well as Grammy awards and an Oscar nomination.
Working Capital is an early stage venture fund that invests in scalable innovations to meet the growing corporate demand for more transparent and ethical supply chains—addressing the urgent need to protect vulnerable workers and source responsibly. It was created by Humanity United, part of The Omidyar Group, a diverse collection of organizations, each guided by its own approach, but united by a common desire to catalyze social impact. Chemain is a Partner at Working Capital, focused on implementing the fund’s investment strategy, from identifying emerging, disruptive technology trends to engaging with innovative entrepreneurs and partnering with them in scaling their businesses to achieve lasting impact.
With consumer trust in business at a record low and regular reports of food fraud, we offer businesses a proactive, rather than reactive, approach to addressing supply-chain risk. Powered by mobile, blockchain technology and open data, the Provenance service sets a new standard for supply chain integrity and transparency for over 200 brands in food, drinks and lifestyle goods today.
Our blockchain-backed software gathers product information, including proven claims, and tracks product journeys in a way that is secure, trustworthy and accessible. With Provenance, every product can gain a digital passport enabling shoppers to trust the claims on the label, and discover the journey of people, places and materials behind it. We live in the world we buy into.
With blockchain venture capital funding currently at $496 million (£396 million) globally, we are excited to be a 2017 UKBAA Angel Investment Awardee, poised to help lead the application of this growing technology for advancing supply chain transparency.
The blockchain is an information system that is shared between many computers, and in which new information cannot be removed or changed after it has been written. According to Forbes, blockchain “creates a transparent paper trail that anyone can access, but no one can alter.” Further details on the technology and its benefits for business, society and the environment can be found on Blockchain: the solution for transparency in product supply chains, a whitepaper published by us.