LONDON, July 18, 2018 /PRNewswire/ -- Provenance secured additional funding from musician Peter Gabriel, as well as its existing group of investors, led by Working Capital Fund, including Digital Currency Group, Merian Ventures and Plug and Play to continue their product expansion.
Provenance is also announcing strategic additions to its 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.
Provenance was one of the early leaders to track products along a supply chain on the blockchain—an exciting new technology bringing a new layer of trust to the web. The company aims to use its funding for setting a new standard for consumer trust in the food sector by implementing its blockchain-backed solution with over 1000 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, CEO of Provenance. "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."
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. 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."
"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," said Chemain Sanan, Partner of Working Capital.
About Peter Gabriel
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.
About Working Capital and Chemain Sanan
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.
About Merian Ventures and Alexsis de Raadt-St. James
Alexsis de Raadt-St. James is the founder and managing partner of Merian Ventures, a venture capital firm focused on female founders and co-founders in the US and UK. Merian Ventures invests in cyber, AI, ML and consumer-facing technologies. Alexsis says "We are delighted to support Jessi and her team as they further develop their platform and bring transparency to more supply chains in the food and beverage sectors."