Gifting tech platform founded in Israel, Snappy has completed a Series C funding round worth $70 million, as per the announcement made by the company. After this funding round, the company’s total funding has now reached a massive $100 million. GGV Capital led the latest funding round and existing investors also participated, including Saban Ventures, Hearst Ventures, and 83North. According to the company, it will be using these funds for continuing its investment in world-class innovation and talent as it explores acquisitions, expands into additional markets and segments, and continues redefining the category.
Dvir Cohen and Hani Goldstein, the co-founders of Snappy had set out to develop a gifting platform that would eliminate the problems of sending personal gifts in a fun, simple and stress-free way. According to Snappy, it has partnered up with more than 1,000 enterprise customers, including Uber, Comcast, Adobe, and Microsoft. The company also disclosed that in the last six months alone, it had sent more than a million gifts. The chief executive of the company, Hani Goldstein said that their customers were looking for effective and innovative ways to express their appreciation for their employees in a world that’s becoming increasingly digital.
He added that part of the reason behind their success was their attention towards the fun of the whole experience and their creation of magical moments that delight and surprise recipients. Goldstein said that their aim was to become a go-to gifting hub for people looking to send a gift. More than $125 billion is spent by companies in the United States on gifts to customers and employees, with individuals spending a further $375 billion on gifting. Despite this, gift-giving remains a rather inefficient process as returns of about $100 billion are processed in the US alone on a yearly basis.
The unique approach of curating gift collections by Snappy enables recipients to select a gift they love, even before it is delivered, which makes logistical and environmental sense. The five-star customer ratings and the year-over-year revenue growth of 800% for the company indicate that this New-York based startup has a huge potential. High-quality gifts are offered by the Snappy platform from top retailers and brands and a proprietary gift-trends algorithm is used by professionals for handpicking the gifts, ensuring availability of real-time stock. Setting it up is quite straightforward and it can also be integrated with the human resources platform.
This will trigger the automatic sending of gifts for occasions, such as employees’ work anniversaries or birthdays. Real-time feedback from recipients is also made available to Snappy’s clients, along with gift insights that can be helpful in understanding the program’s positive impacts. Due to the impact of globalization and digitalization of the workplace, it has become apparent that leaders across the US are thinking about engaging customers and employees, regardless of where they are located. GGV Capital’s managing partner, Hans Tung said that since they work with some of the top disruptors and entrepreneurs across the globe, Snappy would prove to be a good fit for their portfolio.