Total amount raised
$85 Millions
Latest funding date
6/1/2022
Location
Magic Spoon has successfully raised significant funding through multiple rounds, including a Series B round. The company offers a range of high-protein, keto-friendly cereals designed for adults.
Keep reading to explore the intricacies of Magic Spoon's fundraising journey and the investors backing this innovative food company.
What Is Magic Spoon?
Magic Spoon, founded in 2019 by Gabi Lewis and Greg Sewitz, is based in Brooklyn, New York. The company specializes in creating high-protein, keto-friendly cereals designed for adults who seek healthier breakfast options.
With a team of 11-50 employees, Magic Spoon offers a variety of low-carbohydrate, gluten-free, and non-GMO cereals. Their products are sweetened with allulose, a natural sweetener that has zero glycemic impact.
Magic Spoon's mission is to provide delicious, nutritious alternatives to traditional cereals, making it easier for adults to enjoy a healthy breakfast without compromising on taste.
How Much Funding Has Magic Spoon Raised?
- Seed Round
- Amount Raised: $5.5M
- Date: September 2019
- Lead Investors: Lightspeed Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To launch the brand and develop initial product offerings.
- Venture Round
- Amount Raised: $9M
- Date: November 2020
- Lead Investors: Not specified
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product lines and scale direct-to-consumer operations.
- Series B
- Amount Raised: $106.3M
- Date: June 2022
- Lead Investors: HighPost Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support retail expansion and product innovation.
Total amount raised: $120.8M. Current valuation: Not publicly disclosed.
Key Investors
- HighPost Capital
- Details: HighPost Capital is a private equity firm that led Magic Spoon's Series B funding round. They focus on investing in consumer brands with high growth potential.
- Investment Focus Areas: Consumer goods, health and wellness, lifestyle brands.
- Notable Investments: Not publicly disclosed.
- Lightspeed Venture Partners
- Details: Lightspeed Venture Partners is a venture capital firm that led Magic Spoon's seed round. They have a global presence and invest in various stages of a company's growth.
- Investment Focus Areas: Technology, consumer products, enterprise, healthcare.
- Notable Investments: Snapchat, Grubhub, Nest.
- Siddhi Capital
- Details: Siddhi Capital is a venture capital firm that participated in Magic Spoon's Series B round. They specialize in the food and beverage sector.
- Investment Focus Areas: Food and beverage, consumer goods, health and wellness.
- Notable Investments: Not publicly disclosed.
- Coefficient Capital
- Details: Coefficient Capital is a venture capital firm that also participated in the Series B round. They focus on consumer brands and companies.
- Investment Focus Areas: Consumer brands, e-commerce, technology.
- Notable Investments: Not publicly disclosed.
- Carter Comstock
- Details: Carter Comstock is the co-founder of Freshly and participated in Magic Spoon's Series B round. He has a background in the meal delivery service industry.
- Investment Focus Areas: Food and beverage, health and wellness, consumer goods.
- Notable Investments: Freshly.
What's Next for Magic Spoon?
Magic Spoon's future looks promising as it embarks on a national retail launch at Target, with plans to expand to additional retailers throughout the year. The company aims to leverage its $85 million Series B funding to build its brand and innovate its product line, including the introduction of high-protein, low-sugar cereal bars. This expansion could significantly increase its market presence, tapping into the growing consumer demand for healthier breakfast options.
As Magic Spoon scales its operations, future fundraising opportunities may arise to support its aggressive retail rollout and product innovation. However, the company will face challenges such as intense competition from established cereal brands and other startups, maintaining product quality, and navigating the complexities of retail partnerships. Despite these hurdles, Magic Spoon's strategic moves and strong investor backing position it well for continued growth and potential future acquisitions.
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