MAGFAST produces a series of stylish charging devices and power banks designed to fit within the Apple ecosystem. Launched in 2017, the company targets users of iPhones, AirPods, Apple Watches and other mobile devices that require frequent charging. Its initial pre-order campaign generated roughly $600,000 in about 24 hours, and MAGFAST said it was on track to generate about $10 million in orders during 2020. Products are sold direct-to-consumer and the company has relied on paid pre-orders to reduce the amount of external debt or equity it needed to raise. According to the offering document, MAGFAST is currently generating a loss. Proceeds from the recent securities offering are expected to be used primarily for manufacturing, materials, and production-related activities.

Total raised

$1M

Funding rounds

1

Latest round

Equity

Latest activity

Dec 2020