Genesis frontman Peter Gabriel has invested in blockchain startup Provenance, a UK software company that is using blockchain technology to improve transparency in supply chains.
It has also received additional funding from existing investors led by Working Capital Fund, including Digital Currency Group, Merian Ventures and Plug and Play.
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The startup plans to use the additional funding to set a new standard for consumer trust in the food sector. It hopes to bring its blockchain-based solution to over 1,000 food and drinks business by 2025.
Blockchain is a digital ledger system initially developed for cryptocurrencies such as Bitcoin.
A transaction must be verified by all computers in the network. The information in that transaction is then stored in an immutable block that forms a chain of transactions.
The level of trust built into blockchain has led to a broad range of industries exploring ways to use the technology. These include insurance, pharmaceuticals, aviation and even space travel.
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By GlobalDataProvenance, formed in 2013, has been a long-time supporter of blockchain. The new round of funding follows a £650,000 seed round of investment in 2017.
“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 invests in blockchain, but isn’t the first celebrity to do so
Gabriel is not the first celebrity to give their support blockchain or crypto-related startups. Boxer Floyd Mayweather Jr, actor Ashton Kutcher and rapper 50 Cent have all been linked, either financially or with personal support.
“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,” said Gabriel.
“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.”
The Genesis frontman has previously given other tech companies exposure with his public backing, such as Ctrlio and QueSongs.
Provenance also announced new 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.
