Powered by mobile, the blockchain is an information system that is shared between many computers and sets a new standard for supply chain integrity and transparency for over 200 brands in food, drinks and lifestyle goods.
Jessi Baker, CEO, Provenance, said the company will use its funding to launch ‘a new standard for consumer trust in the food sector with its blockchain-backed software 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 Baker.
“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.”
The way the blockchain works is by gathering product information and tracking product journeys in a way that is secure, trustworthy and accessible.
With Provenance, every product can get a ‘digital passport’ enabling shoppers to trust the claims on a label, and discover where the product was made, by who and when.
It follows similar projects including the pre-launch of organic products with the Soil Association for Organic September and an international pilot tracking tuna throughout Southeast Asian supply chains.
Funding has been secured from Humanity United, (part of the Omidyar Group); Merian Ventures; Digital Currency Group (DCG), Plug and Play Tech Center, the Angel Academe, Reuters Venture Capital (RVC) and Board Observer of Yahoo and Infoseek.
“Legislation and consumer demand are driving an ever greater number of companies to ensure their supply chains represent their values,” said Dan Viederman, MD, Humanity United.
“Provenance technology helps make local and global supply chains transparent so that retailers, suppliers, farmers and workers can all benefit.”
In addition to a group of strategic investors, Provenance has assembled a board and advisory group of business leaders and sustainability champions including Brian Fitzpatrick, who helped sell Adap.tv to AOL, Gavin Starks, founding CEO of the Open Data Institute, and Lily Cole, British supermodel and founder of social businesses, including impossible.com.
With blockchain venture capital funding currently at $496m (£396m) globally, Provenance said it is excited be a 2017 UKBAA Angel Investment Awardee, to grow the technology for advancing supply chain transparency.