Proof Raises $50 Million in a Series A Round Led by A16z

Proof has announced the successful completion of a $50 million Series A round led by Andreessen Horowitz.
Image source: PROOF

Quick take:

  • Proof has raised $50 million in a funding round led by a16z.
  • The Series A round also attracted participation from Seven Seven Six, True Ventures, Collab+Currency, Flamingo DAO, SV Angel, and VaynerFund.
  • The web3 company also unveiled plans for the expansion of the Proof ecosystem and community.

Proof has completed a $50 million funding round led by Andreessen Horowitz (a16z). The fundraising also attracted participation from Seven Seven Six, which previously invested $10 million in PROOF in April, True Ventures, Collab+Currency, Flamingo DAO, SV Angel, and VaynerFund.

The company also unveiled information about the technology that powers its web3 platform alongside plans for expansion of the entire ecosystem. The company is building a platform that will help NFT collections unlock utilities and collaboration with communities.

Proof announced its Series A round during a live-streamed community event held by Co-Founder & CEO Kevin Rose, Co-Founder & Chief Product Officer Justin Mezell, and Director of Product Harri Thomas.

Commenting on the fundraising, Kevin Rose said: “It’s great to have this vote of confidence from some of the most respected investors in web3, as well as capital to keep delivering great products and services as we mature this business over the long term.”

PROOF is creating a Web3 social platform that will be driven by the community through a DAO (decentralised autonomous organisation) voting mechanism. The platform will also provide users with NFT insights, guiding their decision-making.

The beta version of the platform will enable PROOF Collective, Moonbirds and Oddities holders to showcase their NFTs on the platform.

The announcement comes hot on the heels of the company’s decision to make Moonbirds and Oddities characters public domain allowing anyone to blend them for commercial use. The company moved the two collections to Creative Commons Zero (CC0) earlier in August.

The company seems to be moving away from the creator economy and more towards the blockchain infrastructure space with its new platform.

PROOF received backlash from holders of the two collections who thought that they should have been involved in the decision to move Moonbirds and Oddities to CCO.

The company also said it will be moving Moonbirds on-chain whilst also launching a new collection called Moonbird Mythic set to debut in early 2023.

PROOF is also planning to launch a governance token for its ecosystem, dubbed Proof token, which is again expected in 2023.

“The world doesn’t need another token for speculation. When we do something it should be uniquely our own, with real utility, something that will push what’s possible in new and exciting directions,” Kevin Rose said during the Future PROOF event.

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