- Genesis lead singer Peter Gabriel backed a British blockchain startup.
- Provenance uses the technology underpinning cryptocurrencies to show people where their food comes from.
Legendary 80s singer Peter Gabriel has put an undisclosed amount of funding into Provenance, a British blockchain startup that aims to make supply chains more transparent.
Gabriel joins a roster of celebrities giving their backing – financial or personal – to cryptocurrency-related startups. Paris Hilton, Floyd Mayweather, and Katy Perry have all promoted Initial Coin Offerings (ICOs) on social media over the past year.
Other backers in the round include Working Capital Fund, Digital Currency Group, Merian Ventures, and Plug and Play. Merian founder Alexsis de Raadt-St. James and Working Capital partner Chemain Saan will join Provenance’s board.
Provenance aims to use the technology underpinning the cryptocurrency Ethereum to make the food supply chain more transparent. The idea is that you can track where the food you buy in the supermarket or other retailers comes from, all the way back to its beginnings.
Gabriel 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.”
The Genesis frontman has backed other startups, putting $1.3 million into Ctrlio, which helps people manage their household bills. Not all his ventures have ended well. His music licensing startup CueSongs went into administration into 2016.