UK blockchain startup Provenance has received a fresh injection of capital.
The startup, which is not disclosing the amount raised, drew support from singer-songwriter Peter Gabriel, Working Capital (lead investor), the Digital Currency Group, Merian Ventures and Plug and Play.
Provenance will use the money to continue expanding its product.
The startup leverages distributed ledger technology to track products along a supply chain and was founded by Jessi Baker, who is also the CEO.
Baker commented on the news: “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.
“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,” she added.
UK tech sector growth weakest for three years
The news comes after Provenance closed a $800,000 Seed round last year.
Provenance is hoping to implement its blockchain-based solution with more than 1000 food and drinks businesses by 2025.
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. 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. Jessi Baker and her team are very impressive and I fully expect them to do really well.”
Chemain Sanan, a partner at Working Capital, said: “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.”