The legendary rocker Peter Gabriel, former frontman of Genesis, has invested in Provenance, a UK blockchain startup that’s aiming to make supply chains more transparent. Working Group Capital Fund, Digital Currency Group, Merian Ventures and Plug, and Play have also taken part in fundraising event.
“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,” Gabriel said.
Earlier, the Genesis frontman invested in several other startups, not related to the blockchain technology.
Launched in 2015 by Jessi Baker, Provenance aims to use Ethereum blockchain technology in the food supply chain by tracking the produce on supermarket shelves to determine its origin. In 2017, the startup entered the Top 3 ranking of the best blockchain companies, according to CEX.io. Te first Provenance’s round raised $ 800 thousand. The raised funds will be used to develop a new blockchain based solution that will increase consumer confidence in the food sector. The project’s details are not disclosed, it’s only known that Provenance plans to work with 1,000 companies by 2025.