Total amount raised
$213.3 Million
Latest funding date
02/01/2025
Location
Proof has successfully raised funding over 11 rounds, with the latest being a Venture - Series Unknown round. The platform focuses on securing digital transactions and interactions through verified identities.
Proof is backed by 23 investors, including State Farm Ventures and Moderne Ventures. Keep reading to explore the intricacies of Proof's fundraising journey and the investors supporting this innovative platform.
What Is Proof?
Proof is an identity-assured transaction management platform that verifies identities and secures digital transactions. Founded in Boston, Massachusetts, the company operates within the legal, legal tech, software, and transaction processing industries.
With a workforce of 251-500 employees, Proof offers a range of products designed to verify and authenticate customer identities, prevent fraud, and ensure the integrity of digital agreements. The platform is used across various industries, including real estate, financial services, and legal services, to provide secure and trusted digital interactions.
How Much Funding Has Proof Raised?
- Seed Round
- Amount Raised: USD 2,400,000
- Date: February 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial product and validate the market need for identity verification solutions.
- Series A
- Amount Raised: USD 8,000,000
- Date: June 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the platform and expand the team to meet growing demand.
- Series B
- Amount Raised: USD 36,937,968
- Date: August 2019
- Lead Investors: Anywhere, Lennar Corporation, Polaris Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product features and expand into new markets.
- Series C
- Amount Raised: USD 35,000,000
- Date: March 2020
- Lead Investors: Camber Creek, Polaris Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and invest in technology development.
- Series D
- Amount Raised: USD 130,000,000
- Date: March 2021
- Lead Investors: Canapi Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand internationally and enhance the platform's capabilities.
- Secondary Market
- Date: March 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to early investors and employees.
- Convertible Note
- Date: October 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To bridge funding needs before the next equity round.
- Series Unknown
- Amount Raised: USD 15,696,521
- Date: November 2025
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and expand market reach.
- Series Unknown
- Date: February 2025
- Lead Investors: State Farm Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To drive innovation in identity verification and fraud prevention.
Total Amount Raised: USD 228,634,489. Current Valuation: Not publicly disclosed.
Key Investors
- State Farm Ventures
- Details: State Farm Ventures is the corporate venture arm of State Farm, the largest provider of auto and home insurance in the United States. It focuses on investing in startups developing technologies and products to fulfill customer needs in innovative ways.
- Investment Focus Areas: Digital transactions, identity verification, fraud prevention.
- Notable Investments: Proof.
- Moderne Ventures
- Details: Moderne Ventures is a venture capital firm that invests in technology companies within real estate, finance, insurance, and home services. The firm aims to foster innovation and growth in these sectors.
- Investment Focus Areas: Real estate, finance, insurance, home services.
- Notable Investments: Not publicly disclosed.
- Canapi Ventures
- Details: Canapi Ventures is a venture capital firm that focuses on early to growth-stage fintech companies. It aims to support innovative financial technology solutions that can transform the financial services industry.
- Investment Focus Areas: Fintech, financial services, technology.
- Notable Investments: Not publicly disclosed.
- Camber Creek
- Details: Camber Creek is a venture capital firm that invests in technology companies focused on real estate. The firm leverages its extensive network and industry expertise to help its portfolio companies grow.
- Investment Focus Areas: Real estate technology, property management, construction technology.
- Notable Investments: Not publicly disclosed.
- Polaris Partners
- Details: Polaris Partners is a venture capital firm that invests in technology and healthcare companies. The firm has a long history of supporting innovative startups and helping them scale.
- Investment Focus Areas: Technology, healthcare, software.
- Notable Investments: Not publicly disclosed.
What's Next for Proof?
Proof stands at the cusp of significant growth, driven by the increasing demand for secure digital transactions and identity verification. With a strategic investment from State Farm Ventures, Proof is poised to enhance its technology and expand its market presence, particularly in the insurance and real estate sectors. The company has already surpassed $150 billion in authorized transactions, showcasing the vast potential for further growth.
Future fundraising opportunities are likely, as Proof continues to innovate and attract interest from other venture arms and financial institutions. The company’s focus on combating identity fraud and enhancing customer experience positions it well for additional investments. However, challenges such as navigating regulatory requirements and staying ahead of sophisticated fraud tactics remain. By leveraging its strategic partnerships and continuously evolving its product suite, Proof aims to maintain its leadership in the identity verification space.
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