MAGFAST, a direct to consumer electronics company listed and closed on a Reg CF offering in a single day. The securities offering was hosted on Netcapital and raised the maximum amount of $1.07 million in under 24 hours.
The securities offering was for common shares at a pre-money valuation of $20 million.
MAGFAST produces a series of stylish charging devices and power banks that fit well within the Apple ecosystem. As our lives are dominated by iPhones, Airpods, Apple Watches, etc., we need chargers about everywhere we pause. Launched in 2017, MAGFAST reports that its first round of pre-orders generated $600,000 in around 24 hours. MAGFAST says it is on track to generate about $10 million in orders during 2020.