Provenance, a UK startup helping brands and retailers increase the transparency of their supply chains, has closed an $800,000 (£650,000) Seed round.
The London-based startup uses blockchain technology to track food and beverages every step of the way from source to consumer, and has completed an international pilot tracking tuna through Southeast Asian supply chains, and a pilot project with the world’s largest consumer cooperative to track fresh produce from origin to supermarket.
This new funding comes, in part, from Humanity United, a foundation that’s part of the Omidyar Group, which represents the philanthropic, personal and professional interests of eBay founder Pierre Omidyar and his wife Pamela.
Also participating in this round were Merian Ventures founder Alexsis de Raadt-St James, Digital Currency Group, Plug and Play Tech Center, and a selection of UK angel investors including the Angel Academe and John Taysom, founder of Reuters Venture Capital (RVC).
Provenance plans to use the funding to launch a new standard for consumer trust in the food sector, aiming to bring transparency to over 1,000 food and drinks businesses by 2025.
“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,” said Jessi Baker, the firm’s CEO.
“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 concluded.