Legendary musician Peter Gabriel is backing UK-based blockchain startup Provenance, though the full amount of Gabriel's investment has yet to be disclosed.
Gabriel, formerly the lead singer of rock band Genesis, invested in Provenance along with Working Capital Fund, Digital Currency Group, Merian Ventures and Plug and Play, according to a news release. The funding round comes months after the startup raised $800,000 in seed funding in 2017, as previously reported.
Provenance's blockchain is aimed at creating transparency in food transportation, a problem it has been looking into since the firm was first established in 2013. The company plans to use its funding to establish a blockchain-powered supply chain platform with more than 1,000 clients by 2025, according to the release.
In a statement, Gabriel endorsed the startup, saying he believes the funding will be put to good use.
"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."
Prior to Provenance, the Genesis frontman has invested in a number of other startups, including Ctrlio, a marketing startup that helps price comparison websites create customized promotions. However, this appears to be his first investment in a blockchain-focused company.
Moreover, Provenance announced new members to its board of directors. Alexsis de Raadt-St. James, founder and managing partner of Merian Ventures, will join the company as chairperson of the Board of Directors, while Working Capital partner Chemain Sanan will join as a director.
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