UK blockchain startup Provenance has raised $800,000 in new seed funding.
The list of investors taking part in the round includes Humanity United, a foundation created in 2008 as part of a broader philanthropic network of groups backed by eBay founder Pierre Omidyar and his wife, Pam. Specifically, the group provided the funding through a supply chain initiative launched in 2015.
Other backers of the startup include 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.
In statements, the startup said that it planned to use the funding to fuel its product launch timeline, with initiatives set to be released this fall. Among those efforts: a partnership with the UK-based charity Soil Association through its Organic September project, which is aimed at expanding the size of the country's organic food market.
"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 CEO Jessi Baker said of the round.
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Provenance.
Organic food shelf image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.