Cereal Maker Magic Spoon received US$85m in Series B funding round. The money will be completely utilized for the development of the company which includes selling directly to consumers.
The funding round was conducted by HighPost Capital along with its fellow investors Siddhi Capital, Coefficient Capital and Constellation Capital.
Even celebrities like Shakira, rapper Nas, The Chainsmokers and American footballer Odell Beckham Jr. took part in this investment.
Magic Spoon is stepping into Target stores nationwide and plans to tie up with additional retailers throughout the year.
Co-founder Greg Sewitz said: “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.”
David Moross, CEO of HighPost Capital said, “We are excited to announce our investment in Magic Spoon, which immediately upended the old-school cereal industry when it launched in 2019.”
“In a short period of time, [co-founder] Gabi [Lewis] & Greg have built a tremendous brand with a fiercely loyal and engaged consumer base through their unwavering commitment to innovation and creativity.”
Magic Spoon’s cereals come in fruity and peanut butter flavors. They are high in protein and low in carbs, perfect for those who follow keto diet.