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Provenance Secures $5 Million Seed Follow-On Investment

March 9, 2022
March 9, 2022
Provenance

Provenance raises $5 million in seed funding to tackle greenwashing with transparency tech for brands led by the Working Capital Innovation Fund.

WHO: Provenance is a global leader in sustainability marketing technology. Its pioneering Proof Point technology empowers online shoppers to make positive purchases for people and planet, by surfacing trustworthy, proof-backed sustainability claims at the point of sale. At the same time, Provenance enables brands and retailers that are making a positive social and environmental impact to grow market share by increasing shopper engagement, conversion, and trust. Proof Points are digital sustainability claims that sit in e-commerce pages and enable shoppers to click through to view relevant evidence or independent verification. The technology supports digitized claims, from “Net Zero” and “Fully Recyclable Packaging” to “Living Wage” and “Female-Owned Business,” working with 81 verifiers and over 20 certification bodies—including B Corp, Soil Association, Leaping Bunny, and GOTS—to enable brands to surface third-party verification online.

WHY: Provenance will invest the funds to accelerate its goal to empower 1 billion citizens to choose products that match their values. Following the appointment of Phil Verey as Managing Director in January, the company also plans to scale its team size to 50+ in 2022, investing in talent across product and engineering, sales, marketing, and partnerships.

IN THEIR OWN WORDS: Jessi Baker, founder and CEO, Provenance, said, "Provenance is fighting greenwash with transparency tech, and helping brands unlock commercial value from their positive social and environmental impact. We're already driving results for small independent brands and global brand groups alike, and we can't wait to expand our community. This funding will help us grow our first-class team and product and accelerate our goal to empower 1 billion citizens to choose products that match their values."

Dan Viederman, Partner, Working Capital Innovation Fund, said, "To change global supply chains for the better, we urgently need greater transparency about products' social and environmental impact. Before Provenance there hadn't been a trusted way to communicate verified or evidenced claims, at scale, about supply chain working conditions. We're delighted to support the company to grow, as it continues to demonstrate how ethical production can lead to consumer engagement."

Christian Tarp, Partner & CIO of Nordic Eye, said, "Shoppers are increasingly voting with their wallets for the world they want to see. But they're also wary of greenwashing, and brands that are making genuine progress on sustainability are struggling to win the deserved commercial returns on their ESG initiatives. Provenance's proven, scalable solution is helping brands increase engagement, conversion and trust in today's key battleground of e-commerce."

David Jones, CEO of The Brandtech Group, said, "I first met Jessi in 2015 when I was launching the company and she was one of the first people to tell me how important blockchain was going to be. She's been proven right. What Provenance has built combines cutting-edge technology with the power of the community. We're very excited by the potential for growth in what is a huge addressable market, as brands and investors become increasingly focused on sustainability and ESG and also by the possibilities that Provenance's Web3 foundations will enable."

DETAILS:

  • Provenance secured a $5 million seed follow-on investment led by the Working Capital Innovation Fund and Nordic Eye, with participation from The Brandtech Group and Digital Currency Group. Strategic angels include Nicolas Cary (Blockchain.com), Jon Reynolds (SwiftKey), and Peter Gabriel (musician and activist).
  • Its unique transparency tech solution is already driving a 27% increase in conversion and a 2.8x increase in engagement at point of sale.
  • Provenance is currently live in 18 markets across Europe, North America, and Asia Pacific, tripling its customer base in the last 12 months, and is now empowering 150+ leading brands and retailers across the food and drink, beauty, and fashion industries.
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