UK-based supply chain management company Provenance has received an $800,000 investment to support its UK launch.
Backers taking part in the funding included Humanity United, Digital Currency Group, Plug and Play Tech Center, Merian Ventures, as well as several angel investors.
The company uses blockchain technology to track supply chains all the way to the point-of-sale and hopes to bring transparency to over 1000 food and drink businesses by 2025.
Provenanceâ€™s platform uses tools to show the people, places and processes behind production, and also gives the ability to track the journey ingredients, raw materials and other products take.
Provenance CEO Jessi Baker said, â€œOur mission at Provenance is to improve the lives and well-being of the people behind consumer products by bringing trusted, accessible information to commerce.
“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.â€
Copyright Â© 2017 FinTech Global