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It ’s now broadly accepted that customer and employees who encounter corporal gifts end up appreciating the brand much more , and for not a circumstances of outlay . The market for this has thus exploded . One securities industry histrion , the New York - basedSnappy , which has raised over $ 125 million to date , is now acquiringCovver , a corporate ware gifting platform . Terms were undisclosed , although TechCrunch sympathize the peck require a commixture of immediate payment and shares .
Covver was antecedently backed by TLV Partners , base in Tel Aviv , Israel , and has levy $ 7 million to day of the month . It specializes in swag - style merchandize for company and offers points - based realisation solutions for employees . It also personalizes the product automatically . So for instance , someone could send me booty with my caper title ( editor in chief - at - gravid ) and the system would mechanically make loot with my job statute title on it , no graphical aim ask .
In an audience with TechCrunch , Hani Goldstein , co - founder and CEO of Snappy , said Covver ’s expertise in swag and company entrepot solution complements Snappy ’s power to bear these kinds of gifting experience and that the platforms would be unified , with Covver effectively becoming the “ booty television channel ” on Snappy ’s platform .
“ What Covver built was an amazing experience for prize that ’s based on AI and does it extremely well and innovatively , ” she allege . “ They were specializing in swag . So we felt like this solution can take all the personalization magic and bring it into the combined world of how we do gifting intimately , to become the take gifting weapons platform worldwide . ”
“ There ’s about $ 50 billion worth of gift cards , only in the U.S. , ” she tot . “ The corporate gifting world is deserving about $ 260 billion . But masses do n’t know what to bribe , so they expend endowment plug-in . So that furnish option , right ? But then it becomes very transactional . It ’s like ‘ Hey , Mike , here ’s 100 clam ! ’ But I require to make you feel delighted . So what we want to do is make gifting easy , but still keep the trick and personalization . ”
In a financial statement , Roee Hemed , CEO of Covver allege : “ By joining forces with Snappy , we ’re unlocking Modern possibilities for our customers , including inflate product solutions and the ability to leverage Snappy ’s confide gift platform . ”
Snappy was first set in motion on TechCrunchback in 2016as a consumer app and bootstrapped its advance until it eventually raised from investors , include Notable Capital , Hearst Ventures , Qumra , 83 North , and other VCs .
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It claims to have over 47 % of Fortune 100 companies as clients such as Microsoft , Amazon , and Comcast .
However , it does have competitors . Sendosohas raised $ 152.7 million to escort , Postalraised$46 million , and Dublin - based incarnate gifting platform & Openraised$26 million in 2022 .
