The famed English musician Peter Gabriel has amazed his fans after he invested in blockchain startup Provenance.
Peter Gabriel, known for his activity as a member in the rock band Genesis, has invested an undisclosed amount of money in blockchain-based startup Provenance, among companies such as Working Capital Fund, Digital Currency Group, Merian Ventures and Plug and Play. The startup managed to reach $ 800,000 in seed funding held in 2017, making its purposes become popular.
The project conducted by Provenance aims to provide a higher level of transparency in food transportation, an issue the company has been eyeing since its launch in 2013. Till 2025, the startup intends to use its financial backing to create a blockchain-planted supply chain system that will gather over 1,000 customers, as reported by Business Insider.
The musician Peter Gabriel supported the launch of the project, mentioning that he considers sponsorships to be invested in a proper way.
“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,” he added.
This is the musician’s first ever investment in a blockchain-based project, but not the first one overall as Peter invested prior to Provenance in several other startups, counting Ctrlio– a marketing platform that “makes the web work for you“.