Magic Spoon closes $85M Series B round, debuts first nationwide retail launch
Additional investors include Shakira, Russell Westbrook, and Halsey.
Magic Spoon has announced a $85M Series B fundraise led by HighPost Capital, a private investment firm focused on the global consumer and consumer technology sectors, and its first-ever retail launch exclusively into Target stores nationwide. HighPost Capital is joined by Siddhi Capital, Coefficient Capital, Constellation Capital, Carter Comstock, and more. Celebrity investors include Shakira, Russell Westbrook, Halsey, The Chainsmokers, Nick Jonas, Amy Schumer, Odell Beckham Jr., and Nas.
“We’re excited to continue innovating the cereal category, using this new funding to expand on brand building initiatives, invest in product innovation and evolve our business goals,” said Gabi Lewis, co-founder of Magic Spoon.
The proceeds from the raise will be used to accelerate Magic Spoon’s rapid growth, expansion from 100% direct-to-consumer into retail, and amplify widespread brand awareness through continued use of its innovative approach to social media. Magic Spoon kicks off its retail debut in Target nationwide and will launch in additional retailers—from big box to natural grocers—throughout 2022 and beyond. Consumers will be able to purchase three of Magic Spoon’s best-selling flavors—Fruity, Cocoa, and Peanut Butter—on Target shelves nationwide this month.
“Our focus on a direct-to-consumer model when we launched was key as we were growing and establishing a presence in a tired category, but we are beyond ready and excited to be able to reach even more consumers across the country through our brick-and-mortar retail launch,” said Greg Sewitz, co-founder of Magic Spoon.
“We are excited to announce our investment in Magic Spoon, which immediately upended the old-school cereal industry when it launched in 2019,” said David Moross, co-founder, chairman, and chief executive officer of HighPost Capital. “In a short period of time, Gabi & Greg have built a tremendous brand with a fiercely loyal and engaged consumer base through their unwavering commitment to innovation and creativity. We look forward to leveraging HighPost’s deep consumer sector expertise to support Magic Spoon’s continued growth.”
Magic Spoon disrupted the cereal category when it launched in 2019 and continues to innovate and reimagine childhood favorites. Its rapid growth is due in part to its 100% direct-to-consumer model, with the brand reaching over 1 million customers in three short years since launch. The brand has continuously innovated with new flavors and following rapid sellouts of its limited-edition cereal bars, Magic Spoon will be adding them to its permanent line of products this month, marking its first foray from the cereal box. Magic Spoon’s cereals are high in protein (13-14 grams), low in carbs (4 grams), keto-friendly, and free of added sugar, gluten, grains, soy, and anything artificial.
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