Provenance raises $ 5 million to tackle greenwashing with transparency technology for brands
London, 7 March – Originthe global leader in sustainability marketing technology raised $ 5 million to accelerate its goal of enabling 1 billion citizens to choose products that match their values.
Provenance’s cutting-edge Proof Point technology enables online shoppers to make positive purchases for people and the planet by presenting reliable and evidence-backed sustainability claims at the point of sale. At the same time, Provenance enables brands and retailers that are having a positive social and environmental impact to increase market share by increasing buyer engagement, conversion and trust.
Proof Points are digital sustainability statements found on e-commerce pages and allow shoppers to click to view relevant evidence or independent verification. This unique transparency technology solution is already driving a 27% increase in conversion and a 2.8x increase in store engagement.
Provenance has tripled its customer base in the past 12 months and now empowers over 150 leading brands and retailers in the food and beverage, beauty and fashion industries, including Cult Beauty, Douglas, GANNI, Napolina, Arla and Unilever. The provenance is currently active in 18 markets in Europe, North America and Asia Pacific.
Against the backdrop of the company’s carbon tunnel vision * and growing green claims regulation, Provenance allows brands to talk to shoppers about their impact holistically. Proof Point technology supports digitized claims from “Net Zero” and “Fully Recyclable Packaging” to “Living Wage” and “Female Owned Business”. Provenance works with 81 verifiers and over 20 certification bodies, including B Corp, Soil Association, Leaping Bunny, and GOTS, to enable brands to bring out third-party verification online.
Provenance’s latest augmentation brings together the expertise of world-class investors from across impact, consumer brand technology and Web3 ecosystems. The round was led by the Working Capital Innovation Fund and Nordic Eye with the participation of The Brandtech Group and Digital Currency Group. Strategic angels include Nicolas Cary (Blockchain.com), Jon Reynolds (SwiftKey), and Peter Gabriel (musician and activist).
Provenance will invest the funds to develop its software product and enhance the reach of the brand and buyers. Following the appointment of Phil Verey as CEO in January, the company also plans to increase its team size to 50+ in 2022 by investing in talent across products and engineering, sales, marketing and partnerships.
Jessi Baker, Founder and CEO of Provenance, said:
“Provenance is fighting greenwash with transparency technology and helping brands unlock commercial value from their positive social and environmental impact. We are already delivering results for both small independent brands and global brand groups and look forward to expanding our community. This funding will help us grow our team and our first-class product and accelerate our goal of enabling 1 billion citizens to choose products that match their values. “
Dan Viederman, Partner of the Working Capital Innovation Fund, said:
“To change global supply chains for the better, we urgently need greater transparency on the social and environmental impact of products. Before Provenance, there was no reliable way to communicate verified or substantiated claims, on a large scale, about the working conditions of the supply chain. We are delighted to support the company’s growth as it continues to demonstrate how ethical manufacturing can lead to consumer engagement. “
Christian Tarp, Partner and CIO of Nordic Eye, said:
“Buyers are increasingly voting with their wallets for the world they want to see. But they are also wary of greenwashing, and brands that are making real progress on sustainability are struggling to get well-deserved commercial returns on their ESG initiatives. Provenance’s proven scalable solution is helping brands increase engagement, conversion and trust in today’s key e-commerce battleground. “
David Jones, CEO of The Brandtech Group, said:
“I first met Jessi in 2015 when I was launching the company and he was one of the first people to tell me how important blockchain would be. You were right. What Provenance has built combines cutting-edge technology with community power. We are very excited about the growth potential in what is a huge addressable market, as brands and investors increasingly focus on sustainability and ESG and also the possibilities that Provenance’s Web3 foundation will offer. “
* Refers to the myopic focus of many companies on CO2 reduction as well as a broader spectrum of important sustainability parameters, as explained in This article.
Information on provenance:
Provenance fuels sustainability claims you can trust. A world leader in sustainability marketing technology, Provenance helps brands and retailers share credible, compelling, and verified social and environmental impact information at the point of sale. Provenance’s technology is already increasing conversion rates, brand value and market share for clients including Cult Beauty, Douglas, GANNI, Napolina, Arla and Unilever. Provenance is an independent, mission-oriented B Corp; their vision is a world where citizens can make informed purchasing decisions that have a positive impact on both people and the planet.
For press inquiries, please contact Tim Slater ([email protected])
Project Provenance Secures £ 3.80m Seed Follow On Investment Led by Working Capital Innovation Fund – UK Technology Investment News
Source link Project Provenance Secures £ 3.80m Seed Follow On Investment Led by Working Capital Innovation Fund – UK Technology Investment News