Gifting Platform Company Snappy Raises $70 Million

By Dan Anderson ● Jun 7, 2021
  • Snappy, a New York-based tech platform streamlining the gifting process, announced recently it raised $70 million in Series C funding

Snappy — a New York-based tech platform streamlining the gifting process — announced recently it has completed a $70 million Series C funding round, bringing total funding for the company to more than $100 million. This latest funding round was led by GGV Capital with participation from existing investors 83North, Saban Ventures, and Hearst Ventures.

With this round of funding, Snappy will continue to invest in talent and innovation as it expands into additional segments and markets, explores acquisitions, and redefine the category. Hans Tung, managing partner at GGV Capital, will join Snappy’s board as part of the round. And 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.

Snappy 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 and stress-free way. And Snappy has become the trusted partner to over 1,000 enterprise customers like Microsoft, Adobe, Comcast, and Uber, and has sent more than 1 million gifts in the last 6 months alone. Snappy has seen 800% in year-over-year revenue growth.

Companies in the US spend over $125 billion on gifts for both employees and customers with a further $375 billion spent by individuals. But gift-giving is an inefficient process with over $100 billion in returns processed every year in the U.S. alone. And 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.

Snappy offers gifts from a variety of minority-owned businesses, and charitable gift-giving is a key component of its platform. And 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.

KEY QUOTES:

“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 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. 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.”

— Hans Tung, managing partner at GGV Capital and Snappy board member