Revolutionizing Corporate Gifting: Snappy’s Strategic Acquisition of Covver
In the realm of corporate gifting, it’s increasingly evident that thoughtful presents significantly bolster appreciation for brands, requiring minimal investment. This trend has led to a booming marketplace where Snappy, a prominent player headquartered in New York with over $125 million in funding, has recently acquired Covver, a platform known for corporate merchandise gifting. Although the precise terms remain undisclosed, TechCrunch reports that the deal involved a blend of cash and shares.
Covver, supported by TLV Partners from Tel Aviv, Israel with $7 million raised, excels in creating swag-style merchandise tailored for companies. Its innovative approach includes points-based recognition solutions and automatic personalization. For example, it can seamlessly produce swag featuring your job title without needing graphic design intervention.
“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. “They were specializing in swag. So we felt like this solution can take all the personalization magic and bring it into the combined world of how we do gifting better, to become the leading gifting platform worldwide.”
{Hani Goldstein, Co-Founder and CEO of Snappy}
By acquiring Covver, Snappy aims to integrate their expertise into its platform, transforming Covver into the “swag channel” within Snappy’s ecosystem. This move is expected to enhance Snappy’s ability to deliver personalized and delightful gifting experiences.
- The corporate gifting industry is valued at approximately $260 billion.
- Gift cards alone account for around $50 billion in transactions within the U.S.
- Snappy aims to move beyond transactional gifts to create magical experiences.
“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,” stated Roee Hemed, CEO of Covver.
{Roee Hemed, CEO of Covver}
Since its inception as a consumer app in 2016, Snappy has pivoted towards corporate clients and now boasts collaborations with over 47% of Fortune 100 companies like Microsoft, Amazon, and Comcast. Amidst competition from firms such as Sendoso ($152.7 million raised), Postal ($46 million), and Dublin’s &Open ($26 million in 2022), Snappy continues to solidify its position in the corporate gifting landscape.
The acquisition of Covver not only broadens Snappy’s offerings but also redefines how businesses can seamlessly merge personalization with practicality in corporate gifting. By fostering these enhanced experiences, Snappy is poised to redefine the standards of delighting employees and clients alike through meaningful gifts.
