Friday, September 9, 2016

The Little Tuna Blockchain Company Is Doing a Seed/Series A Offering

Following up on Tuesday's "All I Asked Was 'Is the Red Snapper Good Here?'" which featured, among its other attractions, this fellow:

The next day this fell out of one of the feedreaders, from City AM:

The Co-op is exploring blockchain technology
The Co-Operative Group is exploring how blockchain technology can be used to prove the authenticity of its food in a pilot of a "fairtrade for the digital age" project.
The supermarket is working with early stage blockchain startup Provenance to investigate how its technology can be used to track that its produce comes from sustainable sources in what's thought to be the first pilot project of its kind by a major retailer.

Provenance, which is about to embark on a seed funding round after initial government funding, has just completed a separate pilot project proving the viability of blockchain’s distributed ledger technology for digitally tracking tuna through the supply chain - from catch to plate....MORE
The reason for the "Seed/Series A" possible confusion in the headline is CrunchBase shows the £120,000 government grant but also shows someone putting in £40,000 or so in equity.
And Companies House doesn't completely clarify so we'll just have to wait to see what the structure is post financing.

Another odd bit of what might be serendipity but is probably Baader-Meinhof phenomenon was the release by Oceana of a new false-labelling-of-fish report the same day we said Hello to Kitty.
I had dug deep into the memory banks to remember the initial report four years ago and here they were in the news the very same day.

Now, if the Co-op doesn't go broke and can keep Provenance alive, I'll finally be assured the snapper is snapper and not some perch with aspirations.