Snappy, an eCommerce gifting platform, wrapped up a $70 million Series C funding round, bringing the firm’s overall funding to in excess of $100 million. GGV Capital headed up the newest investment, which saw the participation of current investors Hearst Ventures, Saban Ventures and 83North, according to a Wednesday (May 26) announcement.
Snappy will use the infusion to invest in its workforce and “innovation” as it grows into more segments and markets, looks into acquisitions and “continues to redefine the category,” the news release stated.
Dvir Cohen and Hani Goldstein, Snappy’s co-founders, set out to develop a gifting platform that would surmount the challenges of sending personal gifts in a “simple, fun and stress-free way,” the announcement said.
“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,” Goldstein said.
Firms domestically spend over $125 billion on gifts for staffers and clients, while consumers spend an additional $375 billion. However, Snappy says that gift-giving isn’t an effective process, with more than $100 billion in returns processed annually in the U.S. With Snappy’s approach, the recipient can select the gift prior to delivery. According to the announcement, Snappy’s platform provides gifts from “top brands and retailers.”
GGV Capital Managing Partner Hans Tung will become part of Snappy’s board as part of the round. Tung said the company is a “natural fit for our portfolio” and that it is “emerging as a clear leader in this category.” New York-based Snappy, which was established in 2015, employs 130 individuals throughout four nations.