SnackMagic Secures $15 Million to Scale Personalized Snack Box Company
Successful pivot from lunch delivery service STADIUM, SnackMagic broadens menu and expands categories as demand surges
NEW YORK, April 9, 2021 /PRNewswire/ - SnackMagic, the first build-your-own gift box platform, today announced it raised $15 million in Series A funding, led by Craft Ventures, with participation from Luxor Capital. The new funding will help SnackMagic build warehouse capacity and logistics support for its growing line of products: Over the next 9 months, the company plans to diversify its "build your own box" concept into new product categories like meal kits, alcoholic beverages, dessert treats, and non-edible gifts like swag and gift baskets. With Toyota, Microsoft, Okta, Fidelity, Amazon, Google, Spotify, Harvard, Stanford, Virginia Tech, MIT, and Princeton already signed on as customers, SnackMagic's new funding will help it scale to meet growing demand.
2020 was an exceptional year for SnackMagic, a company born out of a pandemic pivot in March 2020. Founder Shaunak Amin's previous venture, STADIUM, was a New York City-based lunch delivery service catering to corporate clients. When Covid-19 hit and offices shut down, Amin leveraged STADIUM's backend systems to launch SnackMagic—a concept that saw immediate success and took his company from $0 in revenue to a $20 million revenue run rate in just eight months, becoming profitable in December 2020.
"Stadium was growing double digits month over month but by mid March 2020, the pandemic forced revenue off a steep cliff. We had a few days of despair and then a light bulb went off: the platform we had built for Stadium could be repurposed to support the exploding work-from-home trend and corporate gifting. SnackMagic was born," said SnackMagic founder and CEO, Shaunak Amin. "Our unique approach to gifting adds a delightful layer of fun as consumers curate their own dream box. As our corporate customers and universities are showing us, the use cases for SnackMagic are endless."
The wild popularity of the SnackMagic experience can be explained by four game changers:
- Personalization: recipients build their own box, which means that everything is exactly what they'd like, customers can treat anyone to a personalized, build-your-own snack box.
- Stress-free gifting: eliminating the hand wringing of finding the perfect gifts, SnackMagic gives recipients the power to select
- No address needed: leapfrogging the hassles of snail mail addresses, SnackMagic requires only an email address for gifting
- Infinitely scalable: with logistics operations completely dialed in, SnackMagic can scale without losing personalization. From single orders to batches of a thousand plus, SnackMagic delivers an addictive experience for everything from corporate culture building and event integrations to personal gifting.
"SnackMagic's immediate success was due to an excellent combination of timing, innovative thinking, and world-class execution," said Bryan Rosenblatt, principal investor at Craft Ventures. "As companies embrace the future of a flexible workplace, SnackMagic is not just a snack box delivery platform but a company culture builder."
Corporate clients love SnackMagic because it provides seamless features like global gifting, including company swag in snack boxes, branded boxes, and a Corporate Plan that enables multiple gift givers to use a central account.
"Our customer response over the last year has been incredible," Amin continued. "Having the financial support of Craft Ventures will help us execute our vision more quickly and broadly, with the experience of seasoned founders and operators behind us."
About SnackMagic
SnackMagic is the snack box that takes all the pressure off of gifting. It's the service that lets people pick which goodies they get—so you don't have to. Whether you're sending to one person or 1,000, everyone has the freedom to choose from a unique menu of options. It's the un-screw-uppable gift everybody loves. Send a box to anyone on the planet today at snackmagic.com.
SOURCE SnackMagic
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