Provenance secures £3.8m seed follow on investment led by Working Capital Innovation Fund and Nordic Eye to expand its sustainability platform.
The London-based transparency technology provider has raised new capital to develop its software and scale its team.
Provenance uses blockchain technology to track products and verify supply chains, bringing transparency to commerce. The company graduated from the Entrepreneur Academe investment readiness programme in 2014.
Provenance has secured £3.8m in a seed follow on investment round led by Working Capital Innovation Fund and Nordic Eye. Additional backing came from The Brandtech Group, Digital Currency Group, and several strategic angels.
The capital will be deployed to develop the software product and expand the team to over 50 employees across product, engineering, sales, marketing, and partnerships during the year. The company aims to scale its reach among brands and shoppers following strong customer growth.
The London-based transparency technology provider currently operates across 18 markets and works with numerous leading retailers and brands to surface proof-backed sustainability claims.
From the founder
"Provenance is fighting greenwash with transparency tech, and helping brands unlock commercial value from their positive social and environmental impact. We’re already driving results for small independent brands and global brand groups alike, and we can’t wait to expand our community. This funding will help us grow our first-class team and product and accelerate our goal to empower 1 billion citizens to choose products that match their values."
Jessi Baker
at Provenance
Investor perspective
"To change global supply chains for the better, we urgently need greater transparency about products’ social and environmental impact. Before Provenance there hadn’t been a trusted way to communicate verified or evidenced claims, at scale, about supply chain working conditions. We’re delighted to support the company to grow, as it continues to demonstrate how ethical production can lead to consumer engagement."
Dan Viederman
Partner, Working Capital Innovation Fund
Use of funds
- 01Continue product development
- 02Grow the team
- 03Invest in sales and marketing
- 04Scale operations
Investors
Dan Viederman
Working Capital Innovation Fund
Christian Tarp
Nordic Eye
The Brandtech Group
Digital Currency Group
Categories
About the company
Provenance
Provenance provides supply chain tracking and product transparency solutions using blockchain technology.