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05-09-2017 - - 0 comments
Angel Deal of the Month - Provenance raises GBP650k from Angel Academe angels and other impressive investors

With the recent Beauhurst report stating that companies that gain equity investment and grant funding have higher valuations it is interesting to note this recent investment by the Angel Academe angels.

Provenance a graduate of our Angel Academe's first Entrepreneur Academe programme has secured £650K the funding following a successful international pilot tracking tuna through Southeast Asian supply chains, and a pilot project with the world’s largest consumer cooperative to track fresh produce from origin to supermarket, The funding complements ongoing grant funding with the new funds allocated to the company achieving a market launch in the UK and beyond.

Interesting the company tracks products along a supply chain on the blockchain an exciting new technology bringing a new layer of trust to the web. The company aims to use its funding for setting a new standard for consumer trust in the food sector by implementing its blockchain-backed solution with over 500 food and drinks retailers by 2025.

With the food industry being one that has suffered from a number of scandals involving the food chain, one can understand why this company has attracted the attention of angels.  As Jessi Baker the CEO of Provenance said "Our mission is to improve the lives and well-being of the people behind consumer products by bringing trusted information to commerce.” 

As well as Angel Academe, funding has been secured from Humanity United, a foundation that forms part of the Omidyar Group, established by Ebay founder Pierre Omidyar. Humanity United is joined by Merian Ventures founder Alexsis de Raadt-St. James, leading blockchain investors Digital Currency Group (DCG), startup accelerator Plug and Play Tech Center, as well as a selection of handpicked UK angel investors including Scott Bell, Co-Head of Consumer and UK Corporate Finance at Deutsche Bank, and John Taysom, founder of Reuters Venture Capital (RVC) and Board Observer of Yahoo and Infoseek.

“Legislation and consumer demand are driving an ever greater number of companies to ensure that their supply chains represent their values,” says Dan Viederman, who co-leads impact investing as Managing Director at Humanity United. “Provenance technology helps make local and global supply chains transparent so that retailers, suppliers, farmers and workers can all benefit.”

The value added provided by the use of the right human capital is another characteristic of this deal.  In addition to the new investors, Provenance has assembled a board and advisory group of business leaders and sustainability champions including Brian Fitzpatrick, who helped sell Adap.tv to AOL, Gavin Starks, founder of the Open Data Institute, and Lily Cole, British supermodel and founder of social businesses, including impossible.com.0

Interestingly Digital Currency Group, has built a network of over 100 bitcoin and blockchain companies across 27 countries. I suspect we will see more angels co-investing with this expert in the bitcoin story. 

 

 

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