How one startup turned backers into believers: MAGFAST broke the crowdfunding mold

https://media.thenextweb.com/2026/05/magfast-broke-crowdfunding-mold-backers-into-believers.avif

TL;DR

MAGFAST survived the pitfalls that kill most hardware crowdfunding projects by choosing radical transparency over spin. Founder Seymour Segnit rebuilt manufacturing from scratch and kept communicating through every setback, and the result is a community where 75% of investors are also customers and top buyers average over $1,500 in lifetime value.

Picture Kevin. It’s 2014, and on Kickstarter he has just backed the Coolest Cooler, a portable cooler with a built-in blender, a Bluetooth speaker, and a USB charger.

Finally, an innovative product that lets him host the perfect beach party. To Kevin, it feels like he’s caught onto something unique, fresh, exciting, before everyone else. He eagerly tells his friends about it and checks his email for updates.

Then, he waits.

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