Snappy Secures Covver to Boost Swag Gifting Strategy
Deal News | Jan 11, 2025 | 83north (formerly greylock il)
In a notable development within the corporate gifting industry, New York-based Snappy has acquired Covver, a company known for its expertise in swag-style merchandise and automated personalization solutions. Terms of the deal remain undisclosed, but sources suggest it comprises both cash and shares. Covver, financially backed by TLV Partners, offers innovative swag solutions and customizable corporate gifts, perfectly aligning with Snappy's mission to enhance gifting experiences worldwide. The acquisition comes as part of Snappy's broader strategy to become a leader in the corporate gifting market, which is valued at $260 billion. With notable supporters like 83North, Snappy already counts notable clients such as Microsoft, Amazon, and Comcast among its users. The acquisition promises to unlock additional capabilities for Covver's existing and new clients through Snappy's established platform.
Sectors
- Corporate Gifting
- Technology
- Venture Capital
Geography
- United States – Snappy is based in New York and operates primarily within the U.S. market.
- Israel – Covver is based in Tel Aviv, Israel, and was supported by Israeli venture firm TLV Partners.
Industry
- Corporate Gifting – This industry pertains to gifting solutions primarily used by corporations for employee and client engagement, which is the core focus of both Snappy and Covver.
- Technology – Involves the use of advanced technologies like AI for product personalization, which is a key feature of Covver's platform and part of Snappy’s service improvements.
- Venture Capital – Relates to the investment and funding activities in startups like Snappy and Covver by firms like 83North and TLV Partners.
Financials
- $125 million – Amount raised by Snappy to date in various funding rounds.
- $7 million – Funds raised by Covver before its acquisition.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Snappy | Acquiring Company | Company | A New York-based corporate gifting service provider targeting personalization in gifting. |
| Covver | Target Company | Company | An Israel-based startup known for swag-style corporate merchandise and automated product personalization. |
| 83North | Investor | Company | A venture capital firm with investments in Snappy, formerly known as Greylock IL. |
| TLV Partners | Investor | Company | An Israeli venture capital firm that invested in Covver. |
| Hani Goldstein | CEO of Snappy | Person | Co-founder and CEO of Snappy, focused on enhancing the corporate gifting experience. |
| Roee Hemed | CEO of Covver | Person | CEO of Covver who oversees its integration with Snappy's platform. |