SWFTCharge has raised $400,000 from the Kingston-based Southern Ontario Angel Network to tackle a simple problem: keeping phones charged at events.
Targeting venues like music festivals, theme parks, and restaurants, SWFTCharge offers a small portable device that can charge phones by 40 to 60 percent. The device is returned once a user’s rental period is over, and the company said on its website that this means increased sales as people stay in the venue for longer.
“A number of our members really liked the founders and this investment opportunity and we were able to bring a number of first-time investors to the deal,” said John Molloy, managing director of the Southern Ontario Angels. “Importantly, we were also able to engage some investors with very relevant domain-specific experience and they are now engaged and helping SWFTCharge plan and execute their market strategy.”
Founded by Queens University undergrad students, co-founders Greg Fedele and Anish Sharma said that by summer 2017 they had already reached just $104,000 in revenue from festivals.
StartUp HERE Toronto is a publishing partner of Betakit and this article was originally published on their site.