MAGFAST
MAGFAST is a revolutionary new family of wireless magnetic chargers that change charging for good.
Overview
Raised: $656,315
Total Commitments ($USD)
Platform
Netcapital
Start Date
11/17/2022
Close Date
04/28/2023
Min. Goal
$10,012
Max. Goal
$3,350,006
Min. Investment
$106
Security Type
Equity - Common
Series
Seed
Funding Type
RegCF
Price Per Share
$15.17
Pre-Money Valuation
$37,199,555
Rolling Commitments ($USD)
Status
Active
Reporting Date
02/01/2023
Days Remaining
86
% of Min. Goal
6,555%
% of Max. Goal
20%
Likelihood of Max
Avg. Daily Raise
$8,636
Momentum
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Location
Cornwall on Hudson, New York
Industry
Consumer Products, Goods & Services
Tech Sector
Hardwaretech
Distribution Model
B2C
Margin
Medium
Capital Intensity
High
MAGFAST, with a valuation of $37.2 million, is raising funds on NetCapital. The electronics company designs and manufactures premium magnetic charging products that are changing charging for good. The chargers of MAGFAST charge wirelessly and support every device from every brand. MAGFAST test launched in 2017 and generated pre-orders worth $600,000 in the first 24 hours. Seymour Segnit and Any Rau Segnit founded MAGFAST in 2017. The current crowdfunding campaign has a minimum target of $10,000 and a maximum target of $3.35 million. The campaign proceeds will be used for tooling, manufacturing, product certification, research and development, and general and administrative expenses.
Summary Profit and Loss Statement
| Most Recent Year | Prior Year | |
|---|---|---|
|
Revenue |
$0 |
$0 |
|
COGS |
$0 |
$0 |
|
Tax |
$0 |
$0 |
| ||
| ||
|
Net Income |
$-4,267,901 |
$-4,811,177 |
Summary Balance Sheet
| Most Recent Year | Prior Year | |
|---|---|---|
|
Cash |
$2,662,369 |
$1,650,223 |
|
Accounts Receivable |
$0 |
$0 |
|
Total Assets |
$4,979,055 |
$2,883,896 |
|
Short-Term Debt |
$127,084 |
$127,084 |
|
Long-Term Debt |
$0 |
$0 |
|
Total Liabilities |
$127,084 |
$127,084 |
Financials as of: 11/17/2022
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Raise History
| Offering Name | Close Date | Platform | Valuation/Cap | Total Raised | Security Type | Status | Reg Type |
|---|---|---|---|---|---|---|---|
| MAGFAST | 04/28/2023 | Netcapital | $37,199,555 | $656,315 | Equity - Common | Active | RegCF |
| MAGFAST | 04/29/2022 | Netcapital | $30,003,172 | $4,775,286 | Equity - Common | Funded | RegCF |
| MAGFAST | 12/17/2020 | Netcapital | $20,000,000 | $1,055,250 | Equity - Common | Funded | RegCF |
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