Transcrypts

Transcrypts

Redesigning Digital Documents Through the Blockchain

TransCrypts is a tool for human resource departments to automate the issuance of employment and income verification documents. The way our platform works is on a monthly basis we create blockchain based employment and income verification forms and give them directly to the employee. Our platform benefits our HR clientele by saving them time and headache in dealing with the compliance of these verification documents. By giving the employee ownership over their employment and income information we are helping to create a world where data as a whole is democratized. A world where you...

View on Wefunder
Security Type
SAFE
Industry
Tech
Min Investment
$100
Location
Newark, CA
Offering Date
July 28, 2021
Expected Close Date
April 30, 2022
Security Price
$1

Use of Proceeds

  • ($50,000) With this amount fundraised we can get our SOC 2 security certification (20% of the funds). SOC 2 certification is an industry standard needed to do business with most companies. 30% of the funds will be used to ramp up our marketing and sales. 10% will be reserved for the development of new features. 32.5% will be kept for administrative costs, day to day expenditure, and as a safety cushion to account for unforeseen expenditure, 7.5% Wefunder fee
  • ($1,070,000) 7.5% fee for Wefunder, 2.5% fundraising expenditure(ad spend, travel to meet investors, etc), 30% developmental cost, 10% administrative costs, with the rest of the 50% reserved to propel future growth ie marketing expenses, and growing our team.

Management

Zain Zaidi, Founder & CEO
Zain founded TransCrypts as a senior electrical engineering student with the goal of addressing the inefficiencies in the background check process.

Ali Zaheer, Founder & CTO
Ali has been a blockchain developer for the past 7 years. In 2015 he launched his blockchain consultancy firm which worked with organizations like the Ethereum Foundation and the Royal Bank of Canada. His firm was later acquired by Teller

Ahmed Banafa, Blockchain Strategic
AdvisorAs a professor at Stanford University, Ahmed is one of the pioneers of blockchain technology. He is an award winning researcher with over 100 publications, who has also been a featured tech speaker on ABC, NBC, CBS, CNN, FOX,& the BBC

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Security Description

A SAFE is an agreement between you—the investor—and the company in which the company promises to give you a future equity stake based on the amount you invested. It also involves some kind of a triggering event that must take place in order for you to get your future equity stake. Be careful as you may only get equity if a particular event is triggered.

Key Deal Facts

Founding team with previous exit in the blockchain space
Currently beta testing with 30+ companies including Zoom, Urban Outfitters, and Spirit Airlines
User growth at over 40% month over month since the start of our open beta in January 2021
Partnership with the largest HR software provider in the world, ADP
Patented Blockchain Technology with licensing potential
Winner of the 2021 Silicon Valley Business Plan Competition
2.7 Billion Total Market Opportunity just in the United States
Ranked as one of the top 5 seed stage startups in the Silicon Valley by Pioneer

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