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TEST

Token-based certifications for consumer health products
$9,522 Raised
Ended December 31st
57 Investors


DEAL HIGHLIGHTS

  • First token-based certification program for consumer health products.
  • Built by affiliate Labdoor, Y Combinator W15 batch alumni.
  • Labdoor has tested over 1,000 products, helping millions of people research, find, and buy supplements.
  • Labdoor's research cited by John Oliver, New York Times, Today Show.
  • Labdoor raised $7M - led by Mark Cuban, Floodgate. Investors include Rock Health, FundersClub, 500 Startups.
  • Test Foundation is the vehicle to bring a tokenized version of Labdoor to the market.




THE PROBLEM


Recalls

There were 456 food recalls in the U.S. last year.


Counterfeits
Counterfeit goods are a $461 billion global industry.


Confusion
Consumers can’t answer key questions about product quality.



THE SOLUTION

A token-curated registry for consumer health products.

The TEST Registry is a curated list of products that meet quality standards. Products that join this registry and pass TEST analyses are "TEST Certified".



HOW IT WORKS

TEST incentivizes companies to publicly test the quality of their products.

TEST holders stake a deposit of TEST tokens to apply a product to the TEST Registry. Staking a deposit begins the application period, where other TEST holders can challenge an applicant that they believe is not up to the standards of the registry or fraudulent. Product challenges are won or lost based on scientific testing performed by a TEST-registered laboratory.



STAKEHOLDERS


Producers
Consistently high quality products will be rewarded with increased sales and brand trust.



Laboratories
A decentralized network of labs ensures that test results are unbiased and reproducable.


TEST Holders
Token holders self-regulate the TEST registry through an open, transparent challenge process.


Consumers
Consumer applications for TEST will not require token ownership, simplifying adoption.



MARKET

The TEST registry helps laboratories access a global marketplace for product testing.

Centralization in the testing laboratories industry has made it difficult for smaller labs to earn new customers. There are over 16,000 testing laboratories in the world, generating over $78 billion in annual revenues; however, just 10 companies (average age = 112 years old) control over 40% of the global market share. By incentivizing laboratories to join the lab registry and publicly share their testing data with the product registry, TEST will increase transparency and promote more independent testing.



USE CASES


Supplements

TEST can incentivize public quality control in the largely unregulated supplements market.


Food
TEST can proactively regulate food quality and reduce the risk of recalls through public testing.


Pharmaceuticals
TEST can help producers fight fraud by equipping consumers with tools to verify product authenticity.


Cannabis
TEST can be the first public source of cannabis testing data powering applications across all borders.



BUILT BY LABDOOR

Labdoor’s data and applications seed the network for TEST.

Labdoor is the first of many data providers and application developers for the TEST network, providing immediate utility to early adopters.



THE EVOLUTION OF TEST


LABDOOR INVESTORS

Labdoor has raised over $7M in equity financing from 50+ angel and venture capital investors.




LABDOOR PRESS

Labdoor’s data powers journalism and research into product authenticity and quality.




ABOUT THIS OFFERING

This offering is a TEST Foundation debt offering, payable:

  • By assets (TEST tokens), with a 30% interest, or
  • By cash, with no interest, if repaid at the Lender's discretion and with 20% interest if repaid at the Company's discretion.

Investors do not receive any equity interest or ownership in TEST Foundation or any of its affiliates. Repayment obligations are set forth in and limited to the terms of the DPA Agreement. Key repayment terms are listed below but are qualified entirely by the terms of the DPA Agreement.

Please carefully review the entire DPA for complete terms, as well as the risk factors set forth in the "Risk" section down below. Also, do not hesitate to ask for clarification using the discussion box at the bottom of this offering page.



ADDITIONAL INFORMATION





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