Software/ platforms

Gifting Tech Platform Snappy Raises $70 Million

Snappy

The Platform’s 800% Yoy Growth Signals The Importance Of Gratitude

Snappy, the New York-based tech platform revolutionizing gifting, today announced it has completed a $70 million Series C funding round, bringing total funding for the company to over $100 million. This latest investment was led by GGV Capital with participation from existing investors 83North, Saban Ventures and Hearst Ventures. The company will use these funds to continue to invest in world class talent and innovation as it expands into additional segments and markets, explores acquisitions and continues to redefine the category.

Hans Tung, managing partner at GGV Capital, whose portfolio includes the likes of Affirm, Airbnb, Coinbase, Peloton, Slack, StockX, TikTok and Wish, will join Snappy’s board as part of the round. The company has also added two new Executives to its leadership team — Alison Sagar, former UK CMO from PayPal and Amy Stoldt, former SVP of people from Peloton.

Co-founders, Hani Goldstein and Dvir Cohen, set out to build a gifting platform that would overcome the difficulties of sending personal gifts in a simple, fun and stress-free way. Snappy has become the trusted partner to 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. Snappy’s 800% year-over-year revenue growth and five-star customer ratings signal huge potential for this New York-based startup.

“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,” said Snappy CEO, Hani Goldstein.

“We work with some of the top entrepreneurs and disruptors across the globe, and Snappy is a natural fit for our portfolio,” said Hans Tung, managing partner at GGV Capital and Snappy board member. “We have been so impressed by the team and the incredible growth trajectory they are on. Snappy is emerging as a clear leader in this category, and we’re excited to have been a part of their journey over the last four years. We look forward to seeing their continued success.”

Companies in the US spend more than $125 billion on gifts for both employees and customers, with a further $375 billion spent by individuals. Yet, gift-giving is an inefficient process with over $100 billion in returns processed every year in the U.S. alone. Snappy’s unique approach to curated gift collections allows recipients to choose the gift they love before it’s delivered, making environmental and logistical sense.

The platform offers high-quality gifts from top brands and retailers, handpicked by professionals using a proprietary gift-trends algorithm and real-time stock availability. It’s simple to set up and can also 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 positive impact of their programs. As corporations think through the future of work and the impact of digitalization & globalization on the workplace, it’s clear that engaging employees and customers, wherever they are located, is top of mind for leaders across the US.

Snappy is part of an increasing trend within the tech industry to weave social responsibility into its core DNA. The company offers gifts from a variety of minority-owned businesses, and charitable gift-giving is a key component of its platform. Snappy partners with GlobalGiving and GoFundMe to allow recipients to donate to their preferred charity in lieu of a physical gift, and has helped raise over $250,000 in the last year alone.

For more such updates and perspectives around Digital Innovation, IoT, Data Infrastructure, AI & Cybsercurity, go to AI-Techpark.com.

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