Former Genesis Frontman Peter Gabriel Invests In Blockchain Startup Provenancebr>
British musician Peter Gabriel has invested an undisclosed amount in UK-based blockchain startup Provenance.
Gabriel joins a group of investors that include Working Group Capital Fund, Digital Currency Group, Merian Ventures and Plug and Play. With this funding round, Alexsis de Raadt-St. James, founder and managing partner of Merian Ventures, will join as Chairperson of the Board of Directors, and Chemain Sanan, Partner at Working Capital, will join as a Director.
Provenance is building a traceability system for materials and products using blockchain technology. The undisclosed investments will be used to implement its blockchain application with over 1,000 food and beverage businesses by 2025.
Jessi Baker, CEO of Provenance, said that their mission is to improve the lives and well-being of the people behind consumer products by bringing trusted, accessible information to commerce.
“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,” said Baker.
Gabriel, who rose to fame as the original lead singer and flautist of the progressive rock band Genesis, has invested in a number of starups, but the musician’s investment in Provenance is his first in a blockchain-focused company.
Gabriel said in a statement that he believes the funding will be put to good use. He added that he is 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.
“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,” Gabriel said