Business 11 July 2017

CoinGeek

Blockchain Supply Chain Startup Provenance Raises $800k Seed Funding

A UK-based blockchain supply chain startup has announced it has raised £800,000 in a fresh seed funding round.

Provenance, which was founded in 2013 and seeks to explore and develop blockchain-based solution for improving supply chains, drew funding from a range of investors as part of the round, including some notable tech names.

One of the lead investors was Humanity United, a philanthropic investment group founded in 2008 by eBay co-founder Pierre and Pam Omidyar, which already has interests in supply chain development.

They were joined by investments from Digital Currency Group, Plug and Play Tech Center, and Merian Ventures’ founder Alexsis de Raadt-St.James, in addition to support from several local angel investors.

The funding comes at a welcome time for Provenance, as the push ahead towards finalising the launch of several products, expected to be market ready later this year.

The company’s CEO, Jessi Baker, described the funding round as essential in aiding the development of the company’s core products to meet the core demands of customers across supply chains.

“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.”

Provenance already has several initiatives under development, with the present funding lined up to help accelerate the completion of these projects.

One of the most notable works in progress is a solution devised in conjunction with the Soil Association as part of its Organic September project, which aims to grow and expand the market for organic foods in the UK.

The investment comes at a time of accelerating growth among blockchain startups, with many expected to move from development and trials into proof-of-concept and market-ready models over the next twelve months.

The funding marks significant progress for the firm, as it attempts to succeed in developing supply chain solutions on the blockchain, following in the footsteps of the likes of ZhongAn and Alibaba.

Automated supply chain solutions are one envisaged use case for the blockchain, the decentralised technology underpinning digital currencies like bitcoin and ether.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

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