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Security Type
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Preferred Stock
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Categories
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Other
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Min Investment
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$5
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Offering Date
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February 24, 2020
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Expected Close Date
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May 29, 2020
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Target Raise
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$50.00K-$1.07M
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Deal Notes
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$5.10 per share
$25K+ pro rata right threshold
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Valuation
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$5,100,000
Company Description
MagNet is a chain of automated retail kiosks selling products needed on the spot in high-traffic locations not available for traditional retail. MagNet kiosks provide a unique combination of precise information (typically only offered by online shopping) with immediate gratification exactly at the point of need. MagNet has the smallest footprint and highest efficiency in the market, reaching consumers where no one else can.
Perks
$250+ for 25% discount on any mophie and Marley product
$500+ 50% discount on any mophie or Marley product
$1,000+ Free Marely headphones of your choice and 50% discount on any mophie product.
$10,000+ Hosted visit to MagNet in Boston and demo of a live kiosk. Free mophie and a Marley product of your choice.
Key Deal Facts
20 pilots including brand/location partners Disney, McDonalds, and a Warren Buffett company proved people love our automated retail stores.
CEO/Founder sold a company to market leader ZoomSystems, operator of BestBuy Express. (Team: MIT Sloan, Harvard Business, & Dartmouth).
Proven Scalable Model: Boston pilots pay for themselves every 6 months. A small critical mass can trigger self-funded growth.
Exit Strategy: Within 2 years the company hopes (but not guarantees) to be acquired by a company like Amazon, Google, Apple, or BestBuy.
Strong IP: Patented, scalable, and proven technology including the smallest footprint kiosks and a smart operations and logistics systems.
(We made the world's smallest and most-efficient product-dispensing kiosk)!
Raising an investment round to scale to 350 locations in the top 20 cities in the U.S. (Based on successful pilot results).
Lead Investor: Frank Ferguson invested $160,000
Use of Proceeds
If $50,000 is raised:
92.5%: Non-recurring engineering for kiosk set-up 7.5%: Wefunder intermediary fee
If $1,069,994 is raised:
10% Business development--paying Swyft to secure locations 30%: Working capital for inventory 52.5%: Purchasing kiosks from manufacturer 7.5%: Wefunder intermediary fee
Management Team / Advisory Board Bios
Eduardo Alvarez
CEO
Founded VIGIX Inc. that created breakthrough retail technology and was acquired by ZoomSystems the world leader in the industry, operator of BestBuy Express. MIT Sloan graduate, author of 3 US patents, and coauthor of an MIT bestselling book.
Ross Elkin
CCO
Former VP of Marketing at Welch's. Co-founder of VIGIX, Inc. sold to ZoomSystems. Former VP of Business Development at ZoomSystems. MBA from Tuck School of Business at Dartmouth
Chris Charron
VP of Strategy and Analytics
Former VP of Forrester's consumer technology including eCommerce, mobile devices, consumer electronics, marketing, retail, CPG, and customer experience. Graduate of Harvard College and Harvard Business School.
Deal Notes
$5.10 per share
$25K+ pro rata right threshold