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Props raises $2M in funding led by Union Square Ventures and Borderless Capital, Moves to Scale on Algorand Platform

Apr 30, 2020•about 5 years ago

Amount Raised

$2 Million

Round Type

seed

New York

Description

 The team behind Props, a network built to reward application users with a financial stake in the network they contribute to, announced today that it has raised approximately $2M* in token-sale financing from a number of funds and strategic partners led by Union Square Ventures (USV) and Borderless Capital, with participation from GSR, Lvna Capital, SPiCE VC, CoinFund and the Dating.com Group. Props will use the capital to scale its user network through integrations by additional consumer apps, and to evolve its infrastructure, including a transition of its PropsChain to the Algorand blockchain, the first open-source, permissionless, pure proof-of-stake blockchain protocol.

Company Information

Company

Props

Location

New York, New York, United States

About

The Props Network, governed by Props PBC, a Delaware public benefit corporation, is built to empower the people who help digital communities thrive. Props provides open source infrastructure for a network of apps capable of transparently and fairly rewarding users with a shared token. The Props platform abstracts blockchain's technological and regulatory complexity for apps, enabling them to easily plug Props Tokens into any app, in order to grant their users unique benefits and a financial stake in the very networks they help grow. Props is backed by Union Square Ventures, Borderless Capital, Venrock, Comcast Ventures, Zeev Ventures and others.

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