UK-based Provenance has secured an additional investment from a group of investors led by Working Capital Fund.
Contributions also came from musician Peter Gabriel, Digital Currency Group, Merian Ventures and Plug and Play.
Alongside the investment, Merian Ventures founder and managing partner Alexsis de Raadt-St. James, join Provenance as chairperson of the board of directors. Working Capital partner Chemain Sanan will also join the board but as a member.
Provenance is a blockchain-powered supply chain tracking solution, going all the way through to the point-of-sale. The solution hopes to help 1,000 food and drink businesses by 2025 by providing transparency to where their products are from.
The solution supports businesses and non-profits, helping with audits, governance and verification software to filter fake claims and counterfeits.
This equity injection will be used to further Provenance’s product portfolio.
Working Capital partner Chemain Sanan said, “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.”
The company previously received an $800,000 investment from Humanity United, Digital Currency Group, Plug and Play Tech Center, Merian Ventures, and some angels. This round was raised to support the launch of the service in the UK.
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.”
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