Company created as a response to Covid has achieved $20 million revenue in just eight months
SnackMagic, a build-your-own gift box platform, has raised $15 million in Series A funding, led by Craft Ventures, with participation from Luxor Capital.
SnackMagic’s 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 used the company’s backend systems to launch SnackMagic, which achieved $20 million revenue in just eight months, becoming profitable in December.
The company stated it will use the funding to build warehouse capacity and logistics support for its growing line of products. Over the next nine months, it plans to diversify its ‘build your own box’ concept into new product categories such as meal kits, alcoholic beverages, dessert treats, and non-edible gifts like swag and gift baskets. SnackMagic said its customers include Toyota, Microsoft, Okta, Fidelity, Amazon, Google, Spotify, Harvard, Stanford, Virginia Tech, MIT and Princeton.
Amin said: “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. 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.”
Bryan Rosenblatt, principal investor at Craft Ventures, commented: “SnackMagic’s immediate success was due to an excellent combination of timing, innovative thinking, and world-class execution. As companies embrace the future of a flexible workplace, SnackMagic is not just a snack box delivery platform but a company culture builder.”
Date published: 9 April 2021