Proof Collective Raises $50M, Shares Plans for a New Token

Proof Collective, the Web3.0 startup behind Moonbirds and Oddities in an August 30 community event announced the completion of its $50 million Series A round.

The raise was announced by co-founder and CEO Kevin Rose during the virtual presentation titled “Future PROOF”. Rose also announced plans for a native token as well as new NFT initiatives.

The $50 million round was led by Anderssen Horowitz. It also had participation from other investors including True Ventures, SV Angel, Collab+Currency, Flamingo DAO, VaynerFund, and Seven Seven Six.

The fund will be dedicated to driving the expansion of its business and delivering great products and services focused on arts and artists. Parts of the funds will also be used to develop valuable tools for Web3.0 as the firm plans to evolve into an industry leader in the Web3.0 ecosystem.

The Series A round follows an initial $10 million seed investment from Seven Seven Six in April.

PROOF Collective Future Plans

During the Future PROOF event, Rose shared new details on the firm’s third NFT collection dubbed Moonbirds Mythics – a 20,000 profile pics collection. 

The Moonbirds Mythics collection follows the initial Moonbirds and the Oddities collection.

The new NFT project set to launch in early 2023 is designed to give back to the original Moonbirds and Oddities collections.

As part of the development of its ecosystem, the firm is working on creating the Moonbirds DAO. This is after it controversially opened up commercial rights to Moonbirds and Oddities to the public earlier in the month.

The Moonbirds DAO will govern the licensing of the Moonbirds name by granting trademark rights. It will also channel capital to projects that further the Moonbirds mission.

PROOF, also shared plans for the Moonbirds to fully transition on-chain. This move makes each Moonbird NFT fully embedded in its smart contract thereby making it accessible for generations to come.

Although Rose did not go into details, he hinted at the development of a utility token for the Proof Collective community. The governance token dubbed PROOF token is expected in 2023.