Israeli gift tech platform Snappy has announced the completion of a $70 million Series C financing round, led by GGV Capital with participation from existing investors 83North, Saban Ventures and Hearst Ventures. This brings the total funding raised by the company to over $100 million.
The company will use these funds to enlarge its work force, expand into additional segments and markets, and explore potential acquisitions.
The company, which was founded in 2015 by CEO Hani Goldstein and Dvir Cohen, has developed a gifting platform to make it simple to digitally send personal gifts. Snappy has over 1,000 enterprise customers including Microsoft, Adobe, Comcast, and Uber, and has sent more than 1 million gifts in the last six months alone. The company says that revenue has grown 800% over the past year.
Goldstein said, "Our customers are looking for innovative and effective ways to show appreciation for their employees in an increasingly digital world. Part of our success is our focus on the fun of the experience and creating magical moments that will surprise and delight recipients. Our goal is to become the go-to global gifting hub for anyone who wants to send a gift."
Snappy is headquartered in New York with its development center in Tel Aviv. Companies in the US spend more than $125 billion on gifts for both employees and customers, with a further $375 billion spent by individuals.
Snappy's platform offers gifts from top brands and retailers, picked using a proprietary gift-trends algorithm and real-time stock availability. The platform can be integrated with human resources platforms to trigger automated gift sends for occasions like employees birthdays or work anniversaries. Snappy’s clients also have access to real-time recipient feedback and gift insights to help understand the impact of their programs.
Published by Globes, Israel business news - en.globes.co.il - on May 27, 2021
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