Magic Spoon, a US breakfast cereal maker, has attracted US$85m in funding in a Sequence B investment spherical.
The New York industry stated the cash, which takes overall investment to this point to $100m, will probably be used to boost up its enlargement, which comes to growing the corporate from being promoting only immediately to shoppers to at least one additionally supplying bricks-and-mortar retail.
The investment spherical was once led by means of HighPost Capital, which was once joined by means of fellow buyers together with Siddhi Capital, Coefficient Capital and Constellation Capital.
Celebrities – together with pop famous person Shakira, rapper Nas, digital duo The Chainsmokers and American footballer Odell Beckham Jr. – additionally took section.
Magic Spoon is making its retail debut in Goal retail outlets national and can release in more outlets all the way through this yr.
Co-founder Greg Sewitz stated: “Our focal point on a direct-to-consumer type once we introduced was once key as we have been rising and organising a presence in a drained class, however we’re past in a position and excited with the intention to succeed in much more shoppers around the nation thru our brick-and-mortar retail release.”
David Moross, CEO of HighPost Capital – co-founded by means of Mark Bezos, more youthful brother of Amazon founder Jeff Bezos – stated: “We’re excited to announce our funding in Magic Spoon, which straight away upended the old-school cereal business when it introduced in 2019
“In a brief time period, [co-founder] Gabi [Lewis] & Greg have constructed an incredible logo with a fiercely dependable and engaged user base thru their unwavering dedication to innovation and creativity.”
Magic Spoon is claimed to have reached a million consumers within the 3 years because it was once introduced.
Its cereals – with flavours together with Fruity and Peanut Butter – are top in protein, low in carbs, keto-friendly and freed from gluten, grains, soy, and synthetic components.
Magic Spoon additionally makes cereal bars, every so often in restricted editions.
Comparable Corporations
