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It is now widely accepted that customers and employees who receive corporate gifts end up appreciating the brand much more, and for not much expense. The market for this is so exploded. A market player, based in New York Snappywhich has raised more than $125 million to date, is now being acquired Covera corporate merchandise gifting platform. Terms were not disclosed, although TechCrunch understands the deal involved a mix of cash and stock.
Covver was previously backed by TLV Partners, based in Tel Aviv, Israel, and has raised $7 million to date. It specializes in swag-style merchandise for businesses, and also offers points-based recognition solutions for employees. It also customizes products automatically. So, for example, someone could send me swag with my job title (Editor-at-large) and the system will automatically create swag with my job title on it, without the need for graphic design.
In an interview with TechCrunch, Hani Goldstein, Co-Founder and CEO of Snappy, said that Covver’s expertise in swag and enterprise store solutions complements Snappy’s ability to deliver these types of gifting experiences. , and that the platforms will be unified, with Covver effectively becoming “swag channel” on Snappy’s platform.
“What Covver built was an amazing experience for swag that is based on AI and does it extremely well and innovatively,” he said. “They were specialized in swag. Therefore, we felt that this solution can take all the magic of personalization and bring it to the combined world of how we make better gifts, to become the leading gifting platform in the world.
“There are about $50 billion worth of gift cards, just in the United States,” he added. “The world of corporate gifts is worth about $260 billion. But people don’t know what to buy, so they use gift cards. So that provides a choice, right? But that becomes a lot of transactions. It’s like, ‘Hey, Mike, here’s 100 dollars!” But I wanted to make you feel happy. So what we want to do is make gifts easy, but still keep the magic and personalization.”
In a statement, Covver CEO Roee Hemed said: “By joining forces with Snappy, we’re unlocking new possibilities for our customers, including expanded product solutions and the ability to leverage Snappy’s trusted gifting platform.”
Snappy was first launched on TechCrunch back in 2016 as a consumer app, and started its progress until it was eventually raised by investors including Notable Capital, Hearst Ventures, Qumra, 83 North, and other VCs.
It claims to have more than 47% of Fortune 100 companies as clients such as Microsoft, Amazon and Comcast.
However, it has competitors. shipping has raised $152.7 million to date, Postal resurrected $46 million, and Dublin & Open corporate gift platform resurrected $26 million in 2022.
