Provenance, a blockchain startup headquartered in London, has raised $800,000 in a new seed funding round, CoinDesk reported.
The funding round drew support from Humanity United, a foundation backed by eBay founder Pierre Omidyar and his wife, Pamela. The funding was provided through a supply chain initiative launched in 2015. In addition, Alexsis de Raadt-St.James, founder of Merian Ventures, startup accelerator Plug and Play Tech Center, investment firm Digital Currency Group, and a group of UK-based angel investors also participated in the round.
Provenance said that the amount raised will be used to fuel its product launch timeline, with initiatives scheduled for a roll-out this fall. This includes a collaboration with the UK-based charity Soil Association through its Organic September project, which aims to expand the size of the country's organic food market.
“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 (as quoted by Tech City News). "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”.
Founded in 2014, Provenance focuses on supply chain solutions. Powered by mobile, blockchain and open data, it enables retailers and producers to open product data, track the journey of goods, and empower customers with access to knowledge. In a successful pilot conducted last year, the startup used these innovative technologies to track fish in Indonesia caught by fishermen with verified social sustainability claims.
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