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TransitNet

TransitNet

Early Stage

TransitNet brings title to crypto

TransitNet brings title to crypto

Overview

Raised this Round: Raised: $687,889

Total Commitments ($USD)

Platform

Wefunder

Start Date

06/13/2022

Close Date

12/09/2022

Min. Goal
$50,000
Max. Goal
$5,000,000
Min. Investment

$250

Security Type

SAFE

Series

Seed

SEC Filing Type

RegCF    Open SEC Filing

Early Bird Val. Cap

$12,500,000

Valuation Cap

$16,000,000

Discount

10%

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

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.

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

Financials as of: 06/13/2022
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Raise History

Offering Name Close Date Platform Valuation/Cap Total Raised Security Type Status Reg Type
TransitNet 12/08/2022 Wefunder $16,000,000 $687,889 SAFE Funded RegCF
TransitNet 04/29/2021 Wefunder $6,000,000 $1,925,177 SAFE Funded RegCF
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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

Price per Share History

Note: Share prices shown in earlier rounds may not be indicative of any stock splits.

Employee History

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TransitNet on Wefunder 2022
Platform: Wefunder
Security Type: SAFE
Valuation: $16,000,000

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