TransitNet (2022)

About this raise

TransitNet, with a valuation of $16 million, is raising funds on Wefunder. The company aims to provide titles to cryptocurrencies so that they become safe and can be used as collateral for loans. TransitNet is creating a title registry to confirm ownership of digital currencies in the crypto wallets. TransitNet is led by an experienced team and plans to help crypto reach its full potential. It is solving complex investor pain points and has been featured in Bloomberg, TechCrunch, Business Insider, and US News. Eric Jackson and Christopher Grey founded TransitNet in January 2020. The current crowdfunding campaign has a minimum target of $50,000 and a maximum target of $5,000,000. The campaign proceeds will be used for product development, software and servers, marketing and sales, and hiring.

Investment Overview

Invested this round: $687,889

Deal Terms
Company & Team

Total Commitments

Platform: Wefunder
Start Date: 06/14/2022
Close Date: 12/09/2022

Min. Goal
$50,000

Max Goal
$5,000,000

Min. Investment

$250

Security Type

SAFE

Company Stage

Early Stage

SEC Filing Type

RegCF

Early Bird Val. Cap

$12,500,000

Valuation Cap

$16,000,000

Discount

10%

Company

Year Founded: 2020
Industry: Financial & Insurance Products & Services
Tech Sector: Fintech
Distribution Model: B2C
Margin: Medium
Capital Intensity: Low
Location: Manhattan Beach, California
Business Type: High Growth
Company Website: Visit Website

Team

Employees: 4
Prior Founder Exits?: Yes

Founder Name: Christopher Grey
Title: COO

Founder Name: Eric Jackson
Title: CEO

Financials

Revenue: $9,797
Monthly Burn: $81,278
Runway: 15.9 months

View Detailed Financials

Summary Profit and Loss Statement

	Most Recent Year	Prior Year
Revenue	$9,797	$0
COGS	$0	$0
Tax	$0	$0


Net Income	$-975,340	$-30,238

Summary Balance Sheet

	Most Recent Year	Prior Year
Cash	$1,294,113	$5,000
Accounts Receivable	$1,089	$0
Total Assets	$1,335,202	$55,000
Short-Term Debt	$162,677	$35,238
Long-Term Debt	$2,128,103	$0
Total Liabilities	$2,290,780	$35,238

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Ratings

Total Prior Capital Raised: $2,133,103
VC Backed?: No

Close Date	Platform	Valuation	Total Raised	Security Type	Status	Reg Type
12/09/2022	Wefunder	$16,000,000	$687,889	SAFE	Funded	RegCF
04/30/2021	Wefunder	$6,000,000	$1,925,177	SAFE	Funded	RegCF

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Revenue
Valuation
Employees

Revenue History

Note: Revenue data points reflect the latest of either the most recent fiscal year's financials, or updated revenues directly from the founder, at each raise's close date.

Valuation History

Employee History

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View on Wefunder

SAFE, $16M • Closed

25 Following

Add to Portfolio

121 Invested

Deal Considerations

Key Challenges
- No key challenges found
Other Risks
- No other risks found

TransitNet (2022)

TransitNet (2022)

About this raise