Total amount raised
$251 Millions
Latest funding date
10/1/2023
Location
Prove has successfully raised funds through multiple rounds, with the latest being a "Venture - Series Unknown" type, closed on October 17, 2023. The company is backed by 24 investors, including notable names like MassMutual Ventures and Capital One Ventures.
Keep reading to explore the intricacies of Prove's fundraising journey and the investors supporting this innovative platform.
What Is Prove?
Prove, founded in 2008 by Mike Brody and Rodger Desai, is a New York-based company specializing in phone-based identity verification. They offer solutions like identity tokenization and passive cryptographic authentication to enhance security and consumer privacy.
With a workforce of 251-500 employees, Prove focuses on reducing friction in customer acquisition and engagement through their innovative digital identity solutions. Their services cater to various industries, including banking, healthcare, and online gaming.
Prove's platform is designed to streamline digital onboarding, servicing, and fraud prevention, making it a leader in the identity verification space. Their solutions are trusted by numerous clients to ensure secure and seamless consumer interactions.
How Much Funding Has Prove Raised?
- Series C
- Amount Raised: $18.6M
- Date: April 2011
- Lead Investors: American Express Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their identity verification solutions and enhance their market presence.
- Series D
- Amount Raised: $10M
- Date: October 2013
- Lead Investors: Early Warning
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop their technology and scale their operations.
- Debt Financing
- Amount Raised: $5.5M
- Date: May 2015
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing business operations and growth initiatives.
- Venture Round
- Amount Raised: $2.7M
- Date: July 2016
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance their product offerings and expand their customer base.
- Series E
- Amount Raised: $23.5M
- Date: January 2017
- Lead Investors: Andrew Prozes, The Blue Venture Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate product development and market expansion.
- Series F
- Amount Raised: $23M
- Date: February 2018
- Lead Investors: Institutional Investor
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale their operations and enhance their technology platform.
- Series G
- Amount Raised: $15.1M
- Date: April 2019
- Lead Investors: TransUnion
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their market reach and improve their service offerings.
- Series H
- Amount Raised: $100M
- Date: June 2020
- Lead Investors: Apax Digital
- Valuation at Round: $549M
- Motivation Behind the Round: To support the company's rebranding and growth initiatives.
- Secondary Market
- Amount Raised: Not publicly disclosed
- Date: March 2022
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to early investors and employees.
- Venture Round
- Amount Raised: $40M
- Date: October 2023
- Lead Investors: MassMutual Ventures, Capital One Ventures
- Valuation at Round: Over $1B
- Motivation Behind the Round: To develop new tools for digital payments, commerce, and fraud detection.
Total Amount Raised: $238.4M. Current Valuation: Over $1B.
Key Investors
- Capital One Ventures
- Details: Capital One Ventures is the venture capital arm of Capital One Financial Corporation, focusing on investing in innovative companies. They aim to support startups that align with Capital One's strategic interests.
- Investment Focus Areas: Fintech, data, technology.
- Notable Investments: Snowflake, Plaid.
- MassMutual Ventures
- Details: MassMutual Ventures is the venture capital arm of MassMutual, investing in early and growth-stage companies. They focus on sectors that drive innovation and redefine digital identity.
- Investment Focus Areas: Fintech, healthcare, enterprise software.
- Notable Investments: Socure, LinkSquares.
- Apax Digital
- Details: Apax Digital is a growth equity fund managed by Apax Partners, focusing on technology and internet companies. They aim to support high-growth businesses in the digital space.
- Investment Focus Areas: Technology, internet, digital media.
- Notable Investments: Paycor, Signavio.
- TransUnion
- Details: TransUnion is a global information and insights company that makes trust possible in the modern economy. They provide data and analytics solutions to businesses and consumers.
- Investment Focus Areas: Information services, risk management, analytics.
- Notable Investments: TruSignal, iovation.
- American Express Ventures
- Details: American Express Ventures is the venture capital arm of American Express, investing in innovative startups. They focus on companies that can enhance the value of American Express's services.
- Investment Focus Areas: Fintech, commerce, consumer services.
- Notable Investments: Stripe, Bill.com.
What's Next for Prove?
Prove is poised to capitalize on the burgeoning digital identity market, which was valued at nearly $16 billion in 2022. With a focus on developing tools for digital payments, commerce, and fraud detection, the company is well-positioned to expand its customer base across sectors like banking, retail, and healthcare. The recent $40 million funding round will support these initiatives, enabling Prove to continue its global expansion and address evolving digital threats.
Future fundraising opportunities seem promising given the company's growth trajectory and the increasing demand for secure, frictionless consumer experiences. Strategic investors like MassMutual Ventures and Capital One Ventures indicate strong backing, which could facilitate additional funding rounds or acquisitions to enhance Prove's technology and market position.
However, Prove faces challenges such as intense competition from established players and newer entrants, as well as the need to keep up with rapid technological advancements. Ensuring privacy and security while maintaining a seamless user experience will be crucial as the company navigates these hurdles.
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