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It is now widely accepted that customers and employees who buy corporate gifts have more brand appreciation and less expense. The market for this has thus exploded. A market player, based in New York FastHaving raised more than $125 million to date, it now has Covercorporate goods gifting platform. Terms were not disclosed, though TechCrunch understands the deal is a mix of cash and stock.
Jover was previously backed by TLV Partners, based in Tel Aviv, Israel, and has raised $7 million to date. It specializes in delicious commerce for companies and also offers points-based recognition solutions for employees. It also automatically customizes products. So, for example, someone can send me a referral with my job title (Editor-senior) and the system will automatically generate a referral with my job title, no graphic design required.
In an interview with TechCrunch, Snappy co-founder and CEO Hani Goldstein said Cover’s expertise in imagination and company store solutions complements Snappy’s ability to deliver such gifting experiences, and Cover will effectively merge into a platform. The “swag channel” on the Snappy platform.
“What Cover built was an amazing experience for AI-based elegance that did it very well and innovatively,” he said. “They specialized in fox. So we felt that this solution could take all the magic of personalization and bring it to the connected world where we give better gifts to be the leading gifting platform around the world.”
“There are nearly $50 billion worth of gift cards in the U.S. alone,” he said. “The corporate gift world is worth about $260 billion. But people don’t know what to buy, so they use gift cards. So that provides the option, right? But it becomes too transactional. It’s like, “Hey, Mike, here’s $100!” But I wanted to please you. So what we want to do is make gifting easy, but still keep the magic and personalization.
Covver CEO Roee Hemed said in a statement: “By joining forces with Snappy, we are opening up new opportunities for our customers, including expanded product solutions and the ability to leverage Snappy’s trusted gifting platform.”
Snappy was first featured on TechCrunch in 2016 used it as a consumer app and eventually raised its headway from investors including Notable Capital, Hearst Ventures, Qumra, 83 North and other VCs.
More than 47% of Fortune 100 companies claim to have clients such as Microsoft, Amazon and Comcast.
However, it has its rivals. Delivery has collected $152.7 million to date, the Post raised $46 million and Dublin-based corporate giving platform &Open raised $26 million in 2022.
