Blockchain Startup Provenance Raises $800k in Seed Funding

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.

Provenance has been working on supply chain solutions since it was first formed in 2013. A number of major firms worldwide, including China's Alibaba and ZhongAn, have explored applications in this area.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Provenance.

Organic food shelf image via Shutterstock