UK start-up Provenance has raised €4.6 million in funding to tackle the issue of greenwashing in the industry. The company’s transparency technology aims to empower consumers to select products that align with their values. The funding has come from investors in the impact, consumer brand tech, and Web3 ecosystems. Provenance plans to use the funds to enhance its software and extend its reach to more brands and shoppers. Additionally, the company intends to significantly expand its team in 2022 by hiring talent across various departments.

Founder and CEO Jessi Baker emphasizes the company’s goal of helping brands recognize the commercial value of their positive social and environmental impact. Provenance has already achieved positive results for both independent and global brand groups and aims to grow its community with the help of this funding. The company’s focus is to enable consumers to make informed purchases that benefit people and the planet. At the point of sale, their Proof Point technology allows shoppers to view reliable sustainability claims and supporting evidence or independent verification.

The effectiveness of this transparency tech solution is evident, as it has led to a 27% increase in conversion and a 2.8x rise in engagement at the point of sale. Provenance has partnered with notable brands such as Cult Beauty, Douglas, Ganni, Napolina, Arla, and Unilever. The funding round was led by Working Capital Innovation Fund and Nordic Eye, with involvement from The Brandtech Group and Digital Currency Group. Notable strategic investors include Nicolas Cary of Blockchain.com, Jon Reynolds (SwiftKey), and Peter Gabriel (musician and activist).

This funding received by Provenance emphasizes the growing significance of transparency in the fashion industry. Greenwashing, which involves brands making false or exaggerated sustainability claims, has become a major concern for consumers. With the rise of conscious consumerism, shoppers are becoming more discerning about the impact of their purchases. They want to support brands that align with their values and contribute to positive change.

Provenance’s transparency technology addresses this issue by providing clear and verifiable information to consumers. By presenting reliable sustainability claims at the point of sale, the company empowers shoppers to make informed decisions. The ability to access evidence or independent verification builds trust and confidence in the claims made by brands. Simultaneously, Provenance assists brands and retailers that genuinely have a positive social and environmental impact in gaining market share. By enhancing shopper engagement and conversion, the company supports brands in driving their sustainability initiatives and attracting conscious consumers.

The success of Provenance’s transparency tech solution is evident from the positive results it has achieved so far. With a 27% increase in conversion and a 2.8x rise in engagement at the point of sale, the company proves that transparency and trust are crucial factors influencing consumer decision-making. By fostering a community of brands and consumers committed to sustainability, Provenance aims to create a more ethical and responsible fashion industry.

The funding received by Provenance will enable the company to further develop its software product and expand its reach. With plans to grow its team to over 50 employees, Provenance is investing in talent across various areas to support its growth. This includes product and engineering, sales, marketing, and partnerships. By scaling its operations, the company can continue to drive positive change in the industry and help brands avoid greenwashing.

In conclusion, Provenance’s recent funding demonstrates its dedication to combatting greenwashing and promoting transparency in the fashion industry. With its innovative technology and focus on empowering consumers, the company is driving positive change and supporting brands that are genuinely making a difference. By providing verifiable sustainability claims and evidence at the point of sale, Provenance enables shoppers to make informed choices and supports brands in their sustainability initiatives. The funding received will contribute to the company’s growth and expand its impact, ultimately fostering a more responsible and ethical fashion industry.

Useful links:
1. Provenance
2. Business of Fashion