MAGFAST Customers Rush to Invest Over $1M Within Hours

NEW YORK, Dec. 15, 2020 /PRNewswire/ -- Netcapital, an online platform that provides retail investors with opportunities to invest in potentially lucrative startups, announced on Thanksgiving that its investment offering in MAGFAST LLC, the company developing a premium quality, high performance family of mobile device chargers, reached its fully-subscribed maximum of $1,070,000 within a few hours of the formal 4 pm opening - one of the fastest ever raises in the industry.

Investors looking to profit from a modest pre-IPO securities investment crashed the servers during the formal 4pm EST opening on Thanksgiving Day.

MAGFAST is a highly innovative company that has created a family of groundbreaking products to revolutionize the world of mobile device charging. It has also shown a commitment to the environment by planting over a quarter of a million trees through its partnership with Trees for the Future.

The JOBS Act allowed the SEC to change the rules and allow a way that startups and other small private companies can make a limited offering of equities to the general public in a way that hasn't been possible since the 1930s.

"You can think of it as a kind of baby IPO," says Seymour Segnit, Founder & CEO of MAGFAST. "It's clear from the overwhelming response to this offering that our pre-order customers – the folks who know us best – are as excited about what's possible for MAGFAST as we are."

While the general public was eligible to invest, it was MAGFAST's thousands of pre-order customers who led the charge during the Thanksgiving event. The average investment was over $1,100 - almost 50% above the average on Netcapital's platform.

"The excitement around MAGFAST's offering and their innovative magnetic chargers was really incredible. Selling out the offering in less than twenty-four hours is an impressive achievement," commented Jason Frishman, CEO of Netcapital Funding Portal Inc. "It was such a pleasure working with Seymour and all of MAGFAST's talented and accomplished team. Our family at Netcapital is thrilled we could help facilitate MAGFAST's next phase of growth through the success of its digital raise."

"If you have an ordinary company, you'll want to go with one of Netcapital's competitors — they've got the cookie-cutter approach down-pat", responds Segnit. "But if you are growing something exceptional, call Jason's team at Netcapital. They're extraordinary."

About MAGFAST 

MAGFAST® is a startup specializing in high-end consumer electronics. The company is best known for its family of revolutionary, wireless charging products that integrate seamlessly through the innovative use of magnets and are guaranteed to work flawlessly with any brand of device from the last decade, and the next.

MAGFAST's ground-breaking chargers eliminate messy cables, make charging faster and more convenient – at home, at work, or on the go.

To learn more about MAGFAST and its family of chargers, visit https://www.MAGFAST.com

About Netcapital Inc.

Netcapital Inc. is a publicly traded fintech company dedicated to democratizing private capital markets and empowering entrepreneurs to succeed. We help companies at all stages to build, grow and fund their businesses with a full range of services from strategic advice to raising capital.

Netcapital's online private investment platform employs powerful and scalable technology that connects entrepreneurs and investors, enabling companies to raise capital digitally.

The company offers investor access to pre-IPO investment opportunities as well as potential liquidity in privately held shares via a Secondary Transfer Platform, provided by Netcapital Systems.

To learn more about Netcapital Inc., visit https://netcapitalinc.com/

Contact: [email protected]

SOURCE MAGFAST