MAGFAST

MAGFAST is solving a problem you probably don’t think about too often — until it happens to you.

That problem is a dead battery — on your smartphone, your laptop, or any of your countless other electronics.

More than sixty percent of smartphone users run out of battery at least once a week. And while available almost everywhere, charging cables leave much to be desired.

Many are low quality. They fail to charge devices consistently or quickly. And they become frayed or broken too easily. A lot of charging cables are also too long or bulky, creating an unruly, tangled mess.

That’s why MAGFAST created something different. This electronics company created a line of premium charging cables. The first generation of these cables launched two years ago, and have brought in more than twenty million dollars in online sales from more than 250,000 customers. Now MAGFAST is developing a line of second-generation charging cables, ones with the potential to deliver the world’s fastest charging times.

In August 2022, MAGFAST introduced its Lux charging cable, featuring a Teflon core and patent-pending gold-plated tips. This cable — ideal for charging smartphones and tablets — is certified to 25,000 bends and can download a high-definition movie in about thirty seconds.

Shortly after, the company introduced a Pro version of its Lux cable, designed to charge larger electronics like laptops, cameras, drones, monitors, and gaming controllers.

As mentioned, these cables were a hit. Sales exceeded $900,000 in the first month. Users reported “lightning fast” charging times and “ridiculously fast charging.” One user called it “The Rolls Royce of charging cables.”

Along with these cables, MAGFAST launched a Pro kit, which was a bundle of six chargers and power banks. These cables all worked together and could be connected instantly with each other device in the kit.

Today, MAGFAST cables are available online. The Lux cable retails for thirty-seven dollars and a four-pack of MAGFAST Lux USB adapters retails for seventeen dollars.

Off the success of these initial products, MAGFAST is preparing to launch a second generation of chargers. This line is intended to replace the first generation and promise some of the world’s fastest charging speeds.

High-speed battery charging will be made possible through a partnership that brings one of the world’s fastest battery-charging technologies to MAGFAST’s power banks. Unlike high-speed magnetic charging, which affects the speed of charging your mobile device, this technology accelerates the charging of the battery in the MAGFAST power bank. This means fifty-percent charging in less than ten minutes and eighty-percent charging in less than twenty minutes.

With the introduction of these products, MAGFAST could explore additional revenue-generating opportunities. These include licensing its patent-pending technologies and developing an advanced home, commercial, and public charging network — think MAGFAST charging stations at Starbucks or at airports.

To-date, all of MAGFAST’s sales have happened online. But the company is considering moving into wholesale and retail distribution.

Team Background

Seymour Segnit - Co-Founder & CEO

Seymour has significant domain experience, having founded thingCHARGER, a company selling mobile accessories, prior to starting MAGFAST.

Prior to that, he founded Change That’s Right Now, a wellness company helping people overcome their fears. Before that, he founded Speedilicious, a company focusing on making internet speeds faster.

Seymour began his career with Ogilvy, an advertising company. He studied Engineering at Oxford University.

Amy Segnit - Co-Founder & Secretary

Most recently, Amy co-founded thingCHARGER, the company selling mobile accessories. Before that, she had a twenty-three-year career as a visual designer, completing projects for notable clients like Barnes & Noble, Def Jam/Island Records, and Barron’s.

She earned a Bachelor’s degree in Visual and Performing Arts from Purchase College.

Co-Investors