Trust Stamp has officially wrapped its Series A crowdfunding campaign, closing with a final total of $6.5 million in equity funding. The company launched the campaign with an initial goal of $5.6 million, and managed to bring in the first $1 million in its first two days.
The crowdfunding campaign was carried out on the SeedInvest investment platform, and was part of a broader $10 million Series A funding round. More than 2,700 accredited and unaccredited individuals backed the company on SeedInvest, while Mastercard International, FSH Capital, Second Century Ventures, and 630 Cybersecurity backed the company independently of the crowdfunding platform. Trust Stamp also received support from the FIS FinTech Accelerator program and the OnRamp Insurance Accelerator, the latter of which contributed $100,000 when Trust Stamp joined the Accelerator in May.
Trust Stamp plans to use the funds to advance its research and development efforts as it works to build an authentication solution that does not rely on personal information. The company is hoping that the finished product will boost financial inclusion, especially in areas with poor identity infrastructure.
“Trust Stamp’s Series A round has not only provided the financial boost to support rapid headway while solidifying our existing systems for sustainable growth, but also expanded the reach and potential impact of our mission in the identity space,” said Trust Stamp President Andrew Gowasack. “The Regulation A process provides a clear path to entering the public market for high-growth companies, and Trust Stamp’s success with the alternative route of funding affirms these next steps.”
Trust Stamp indicated that it is now moving towards a direct public listing on the Euronext Growth Market operated by Euronext Dublin, where it will be traded under the AIID ticker symbol. The company currently has more than 50 employees and a pre-Series A valuation of $25 million.