Moonbirds Parent Firm PROOF Closes $50M Series A Round Led by A16Z

PROOF, the parent company of Moonbirds NFT, has received $50 million in Series A financing in a new round of financing led by a16z.

Other participants in this round of financing were venture capital firms and investors such as Seven SevenSix, True Ventures, Collab+Currency, Flamingo DAO, SV Angel, and Vayner Fund.

The company, a Web3 media startup led by well-known investor Kevin Rose, started out as a podcast.

PROOF Collective was established in December last year, a private community of thousands of people with NFT as the threshold.

PROOF announced that it is creating a decentralized autonomous organization Moonbirds DAO and the third NFT series Moonbirds Mythics (planned to launch in early 2023), which is a 20,000 PFP (file picture) collection.

The Moonbirds DAO will oversee the licensing of the company's Moonbirds NFT brand and deploy capital to projects that advance Moonbirds' mission by granting trademark rights.

The Moonbirds NFT series launched by PROOF has generated $446 million worth of transaction volume to date.

Proof also revealed that the PROOF Web3 social platform is also coming soon, and the beta will enable PROOF creators, and holders of Moonbirds and Oddities to create galleries curated by collectors. The platform will integrate content and actions specific to the PROOF ecosystem, including research reports, podcasts, DAO proposals, and more.

"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," said Proof CEO Kevin Ross. 

PROOF also revealed that more details on early plans for the PROOF token will be announced in 2023.

In April, PROOF raised $10 million from Alexis Ohanian's venture capital firm Seven Seven Six.

Image source: Shutterstock