Total amount raised
$251 Million
Latest funding date
10/1/2023
Location
Prove has successfully raised funding over 12 rounds, attracting 24 investors, including notable names like MassMutual Ventures and Capital One Ventures. The company specializes in phone-based identity verification, identity tokenization, and passive cryptographic authentication solutions.
Keep reading to explore the intricacies of Prove's fundraising journey and the investors backing this innovative platform.
What Is Prove?
Prove, headquartered in New York, New York, is a prominent player in the digital identity verification and authentication industry. The company specializes in phone-based identity verification, identity tokenization, and passive cryptographic authentication solutions. Prove's platform is trusted by over 1,500 companies globally, including 9 out of the top 10 banks.
Founded with a mission to reduce fraud and improve consumer experiences, Prove employs between 251-500 people. The company has raised significant funding through multiple rounds and has made several strategic acquisitions to enhance its capabilities and market reach.
How Much Funding Has Prove Raised?
- Series C
- Amount Raised: USD 18,616,951
- Date: April 2011
- Lead Investors: Amex Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their identity verification solutions and enhance their technology.
- Series D
- Amount Raised: USD 9,999,999
- Date: October 2013
- Lead Investors: Early Warning
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To strengthen their market position and support growth initiatives.
- Debt Financing
- Amount Raised: USD 5,500,000
- Date: May 2015
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational expenses and expand their service offerings.
- Series Unknown
- Amount Raised: USD 2,660,723
- Date: July 2016
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance their technology and expand their market reach.
- Series E
- Amount Raised: USD 23,500,000
- Date: January 2017
- Lead Investors: Andrew Prozes, The Blue Venture Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale their operations and invest in new technology.
- Series F
- Amount Raised: USD 22,999,619
- Date: February 2018
- Lead Investors: Institutional Investor
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support their growth and enhance their product offerings.
- Series G
- Amount Raised: USD 15,143,305
- Date: April 2019
- Lead Investors: TransUnion
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their market presence and improve their technology.
- Series H
- Amount Raised: USD 100,000,000
- Date: June 2020
- Lead Investors: Apax Digital
- Valuation at Round: USD 549,000,000
- Motivation Behind the Round: To support rebranding efforts and scale the business.
- Secondary Market
- Date: March 2022
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to early investors and employees.
- Series Unknown
- Amount Raised: USD 40,000,000
- Date: October 2023
- Lead Investors: Capital One Ventures, MassMutual Ventures
- Valuation at Round: Over USD 1,000,000,000
- Motivation Behind the Round: To develop new tools for digital payments, commerce, and fraud detection.
Total Amount Raised: USD 258,420,597. Current Valuation: Over USD 1,000,000,000.
Key Investors
- MassMutual Ventures
- Details: MassMutual Ventures is the venture capital arm of MassMutual, focusing on early and growth-stage companies. Charles Svirk, a partner at MassMutual Ventures, is joining Prove's board of directors.
- Investment Focus Areas: Digital identity verification, cybersecurity, fintech.
- Notable Investments: Prove Identity, Socure, Insurify.
- Capital One Ventures
- Details: Capital One Ventures is the strategic investment arm of Capital One, investing in innovative companies that align with Capital One's business. Jaidev Shergill, managing partner and head of Capital One Ventures, highlighted Prove’s ability to address mobile identity verification and authentication.
- Investment Focus Areas: Digital identity verification, fintech, cybersecurity.
- Notable Investments: Prove Identity, Snowflake, Plaid.
- Apax Digital
- Details: Apax Digital is the growth equity arm of Apax Partners, focusing on technology and internet companies. They led a $100 million funding round for Prove in 2020.
- Investment Focus Areas: Technology, internet, software.
- Notable Investments: Prove Identity, Signavio, Wizeline.
- TransUnion
- Details: TransUnion is a global information and insights company that makes trust possible in the modern economy. They participated in a $15 million funding round for Prove in 2019.
- Investment Focus Areas: Information services, data analytics, identity verification.
- Notable Investments: Prove Identity, Neustar, Callcredit.
- Institutional Investor
- Details: Institutional Investor is a leading international business to business publisher, focused primarily on international finance. They participated in a $23 million funding round for Prove in 2018.
- Investment Focus Areas: Finance, technology, data analytics.
- Notable Investments: Prove Identity, Palantir, Robinhood.
What's Next for Prove?
Prove stands at the cusp of significant opportunities, driven by the growing demand for secure digital identity solutions. With a recent $40 million funding round, the company is poised to launch new commerce enablement and fraud-fighting use cases, expanding its global footprint. The market for identity and access management, valued at nearly $16 billion in 2022, presents a vast landscape for Prove to capture.
Future fundraising seems likely as Prove continues to innovate and grow. The company's strategic partnerships with major financial institutions and corporations, along with its expanding customer base, signal potential for additional investment rounds. However, Prove must navigate challenges such as intense competition, evolving digital threats, and regulatory hurdles to maintain its growth trajectory.
Use Clay to Get Funding Data
Sales professionals, take your strategy to the next level by leveraging Clay’s platform to access comprehensive fundraising data on companies like Prove and gather other critical business insights. Sign up for free and unlock the potential of detailed, actionable information to drive your success.
