Dear Startup Investor,
I have a brief update for you this week. It’s on Magnises, the NYC “black card” company for young and aspirational professionals.
Magnises| Recommended: June 2014
Portal: Wefunder
It’s one thing for this hybrid upscale credit card cum club company to tap a rich vein in the Big Apple.
The question it hasn’t answered yet is, can it thrive in other major cities?
Well, we’re about to find out.
Magnises is expanding.
It’s migrating about 300 miles south to a quieter, less rambunctious town called Washington, D.C.
Why pick a city where the loudest voices belong to politicians rather than rappers?
Well, that’s the point. In Magnises’ own words…
We decided on D.C. as the next city. It’s ripe for growth, boasting some of the hardest-working professionals. Politicians, doctors, and entrepreneurs all flock to D.C. for its incredible institutions and resources. Ironically, the city itself lacks much of the spontaneous thrill of New York. Too often, residents are lacking interesting events to go to after work or during the weekends.
The company had its launch week last week, hosting a series of events that involved music, open bars, partying and – given the demographic it’s chasing – a lecture on coding.
A Ja Rule concert hosted by Magnises at Washington’s hip Dupont Circle neighborhood
Washington has a large and fairly well-off young professional community. So Magnises has a chance to do quite well.
It’s also not quite the boring city Magnises makes it out to be. Washington has a thriving nightclub, restaurant and bar scene. My son lives there and he doesn’t lack for things to do in the evening and on the weekend.
Washington will be a good test. If it does well, then Magnises will begin in earnest to realize its ambitious vision…
“A Magnises in every major American city by the end of 2016.”
Invest early and well,
Andy Gordon
Startup Investor Portfolio
