Peter Gabriel invests in blockchain food supply chain project
British rock star Peter Gabriel has invested in Provenance, a UK tech start-up that uses blockchain to monitor the food supply chain.
The former Genesis frontman joins Working Group Capital Fund, Digital Currency Group, Merian Ventures and Plug and Play as the chief investors in Provenance – one of the early leaders to track products along a supply chain on distributed ledger technology.
Trust in food sector
In a statement the company said it was to use the funding for setting a new standard for consumer trust in the food sector by implementing its blockchain-backed solution with more than 1,000 food and drinks businesses by 2025.
“Our mission at Provenance is to improve the lives and well-being of the people behind consumer products by bringing trusted, accessible information to commerce,” said Jessi Baker, chief executive of Provenance.
He added: “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.”
Gabriel, who left Genesis in 1975 for a successful solo career that included top ten hits Games Without Frontiers and Sledgehammer, is globally known as one of the most politically active musicians in the industry.
His work with Amnesty International began in 1986, but before this he formed WOMAD to promote third-world music and performance artists in 1980, having recorded anti-apartheid anthem Biko in 1979.
He also supports ecological projects and is a keen supporter of innovative technology – particularly in audio-video and digital media.
He said: “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.”
Provenance also announced additions to its board, including members from some its biggest investors. 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.