Revolutionizing Corporate Gifting: Snappy’s Strategic Acquisition of Covver
It’s no secret that corporate gifting can significantly enhance brand loyalty among both customers and employees. The market for such thoughtful gestures has burgeoned, with companies like Snappy leading the charge. Snappy, a New York-based innovative gifting platform, has made headlines by acquiring Covver, a specialized corporate merchandise gifting company.
While the financial specifics of the deal remain undisclosed, it’s known that it involved a blend of cash and shares. Covver, supported by TLV Partners from Tel Aviv, has established itself with a $7 million backing. The company excels in crafting swag-style merchandise for businesses, providing automated personalization that allows items to be uniquely tailored to individuals without the need for graphic design expertise.
“What Covver built was an amazing experience for swag that’s based on AI and does it extremely well and innovatively,” said Hani Goldstein, Co-Founder and CEO of Snappy. “We felt like this solution can take all the personalization magic and bring it into the combined world of how we do gifting better.”
Hani Goldstein, Co-Founder and CEO of Snappy
Goldstein emphasized that Covver’s AI-driven swag solutions perfectly complement Snappy’s mission to deliver personalized gifting experiences. With this acquisition, Covver will become the “swag channel” within Snappy’s platform, enhancing their offerings to create memorable gifts.
The corporate gifting industry is massive, valued at around $260 billion globally. However, traditional gift cards often feel impersonal. As Goldstein pointed out, “People use gift cards because they provide choice… But I wanted to make you feel delighted.” Snappy aims to make gifting personal and magical, moving beyond the transactional nature of gift cards.
“By joining forces with Snappy, we’re unlocking new possibilities for our customers,” said Roee Hemed, CEO of Covver.
Roee Hemed, CEO of Covver
Snappy’s journey began in 2016 as a consumer app featured on TechCrunch. Since then, it’s secured investments from Notable Capital, Hearst Ventures, Qumra, 83 North, and other VCs. Impressively, Snappy serves over 47% of Fortune 100 companies including giants like Microsoft and Amazon.
The corporate gifting space is competitive with players like Sendoso raising $152.7 million and &Open securing $26 million in recent years. However, with its strategic acquisition of Covver and focus on personalized experiences, Snappy is poised to continue leading the industry.
