Web3 Startup Proof Raises $50M, To Debut A Token And New Moonbirds NFT Collection

Proof, a Web3 startup, has raised $50 million in a Series A funding round led by private American venture capital firm Andreessen Horowitz (a16z) and plans to release a new token and a new Moonbirds NFT project.

The Web3-focused firm which is known for the Proof Collective NFT membership club and pricey Moonbirds NFT collection announced the new initiatives and massive funding in its Future Proof streaming presentation on YouTube on Tuesday.

"We're aiming to turn proof into this global recognized brand with just a suite of great products and we know that that needs additional capital to build and support from just a deep bench of experts," Kevin Rose, co-founder and CEO of Proof, said.

"We are beyond thrilled to announce that we've closed a new 50 million dollar round of financing led by andreessen horowitz also known as a16z and that is with participation from Collab+Currency, Flamingo DAO, SV Angel, True Ventures and Seven Seven Six," he added.

According to Rose, these firms bring a ton of experience to the table and will help Proof "with everything from marketing, engineering and security teams [to] recruitment services, legal and regulatory teams."

Rose also confirmed that there is no name for the token that Proof is planning to launch while also adding that "designing and launching a token is both a technological lift and certainly a legal one." On the other hand, the Moonbirds spinoff collection will be called Moonbirds Mythics and will include 20,000 NFTs. The collection will launch in early 2023.

"We are well aware the world doesn't need another token for speculation so when we do something it should be uniquely our own with real utility," Rose further said, promising a "much larger unveiling."

However, currently, it is unclear if Proof will model its token after ApeCoin (APE) which was released earlier this year, or the OP token. A full reveal of Proof's token initiative is reportedly planned for Q1 2023.