Young entrepreneur and CEO of Magnises, Billy McFarland raises more than $3 million in funding since the startup company was established on March 1st, 2014. Magnises is an elite social club offering black cards to the millennial generation the ages of 21 to 35. The black card is made of metal and comes with a linking feature to add a credit or debit card to make purchases and receive intriguing discounts. Enjoy concessions at popular night clubs, fine restaurants, bars, and lounges. Magnises members may reserve tickets to hip hop concerts, deluxe vacations, and to helicopter trips.
To date, Magnises has over 10,000 members in New York City, NY and Washington, DC. The startup company is planning to expand its membership to markets in Chicago, Atlanta, Boston, Los Angeles, and London. Magnises target audience comprises of professionals working in the fashion, finance and technology industries.
The $3 million funding is being used to help increase the brand’s existence and further expansion in the United States and United Kingdom. McFarland has moved his home-base business from West Village to a penthouse in the Rivington Hotel.
The additional space is being used as work space, to hold meetings, and to host events, such as cocktail hours and DJ sets. According to Bloomberg, Billy McFarland has no plans to raise additional funding for Magnises and its downloadable mobile application. The entrepreneur has attracted clients and partners, including Discovery, Universal, Goldbar, Finale, La Esquina, Catch, and Cyc.
To become a member of the Magnises Elite Club, simply fill out an online application for approval and pay an annual $250 membership fee. Members are able to download the app to their digital phones and get immediate access to deals on delicious cuisines, hotels, and late night entertainment.
Billy McFarland attended Bucknell University in Pennsylvania studying computer engineering and quit the end of his freshman to start Splings website. He was born in New York City and raised in New Jersey before going to college. McFarland presently serves as founder and chief executive officer of Slings and Magnises.
The Magnises black card has the same perks as most credit and debit cards, but is offered to elite individuals. Once a debit card is linked to the black card, it automatically retrieves data for use. In the near future the card will be accessible in California, Georgia, Illinois, Massachusetts, and England.