Overview

Raised to Date: Raised: $180,985

Deal Terms

Investment Momentum

Company Profile

Deal Summary

Financials

Total Commitments ($USD)

Platform

StartEngine

Start Date

03/07/2022

Close Date

07/31/2022

Min. Goal

$10,000

Max. Goal

$1,070,000

Min. Investment

$240

Security Type

Equity - Common

Series

Pre-Seed

SEC Filing Type

RegCF    

Price Per Share

$20.00

Pre-Money Valuation

$27,116,460

Rolling Commitments ($USD)

Status

Funded

Reporting Date

07/31/2022

Days Remaining

Funded

% of Min. Goal

Funded

% of Max. Goal

Funded

Likelihood of Max

Funded

Avg. Daily Raise

$1,248

# of Investors

126

Momentum

Funded

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Magnuss

Year Founded

2013

Industry

Transportation, Automotive, Aviation, & Aerospace

Tech Sector

Hardwaretech

Distribution Model

B2B/B2C

Margin

Medium

Capital Intensity

High

Location

Westport, Connecticut

Business Type

Growth

Company Website

Magnuss, with a valuation of $27.1 million, is raising funds on StartEngine. It is a maritime shipping company that provides a wind-based propulsion system for global shipping. The system of Magnuss is a hi-tech sail and is called the Magnuss VOSS or Vertically-variable Ocean Sail System. The Magnuss VOSS helps to reduce fuel consumption, reduce emissions, and minimize costs. James Rhodes and Edward Shergalis founded Magnuss in January 2013. The current crowdfunding campaign has a minimum target of $10,000 and a maximum target of $1,070,000. The campaign proceeds will be used for growth and expansion.

Summary Profit and Loss Statement

	Most Recent Year	Prior Year
Revenue	$0	$0
COGS	$0	$0
Tax	$0	$0
Net Income	$-149,256	$-278,178

Summary Balance Sheet

	Most Recent Year	Prior Year
Cash	$55,147	$29,415
Accounts Receivable	$0	$0
Total Assets	$243,459	$228,968
Short-Term Debt	$83,530	$29,683
Long-Term Debt	$0	$0
Total Liabilities	$83,530	$29,683

Financials as of: 03/07/2022

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Magnuss Founder Ted Shergalis Wants Global Shipping to be Eco-Friendly

When someone thinks of air pollution causes, they might immediately imagine cars. But water-based transportation is also taking its toll on the environment. One large ship can release as many hazardous chemicals as 50 million cars, and pollution from just 15 of the largest ships available can equal that of all the cars in the world put together.

As a maritime technology company that cares about both the environment and the shipping industry, Magnuss is determined to help both coexist in harmony. Its patented sail, the Magnus VOSS, is a wind-based propulsion system that considerably cuts down emissions from sea transportation. We reached out to co-founder, COO, and Director Edward “Ted” Shergalis to hear more about who is supporting the company and how Magnuss helped out other companies from early on.

Note: This interview was conducted over phone and email. It has been lightly edited for clarity and length.

Read Founder Interview