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Cereal maker Magic Spoon scoops up $85M as it lands spot on Target shelves

 2 years ago
source link: https://finance.yahoo.com/news/cereal-maker-magic-spoon-scoops-122003117.html
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Cereal maker Magic Spoon scoops up $85M as it lands spot on Target shelves

Christine Hall
Mon, June 13, 2022, 9:20 PM·3 min read

Magic Spoon, the maker of better-for-you cereals, secured $85 million in Series B funding as three of its brands make the jump from direct-to-consumer-only offerings to Target store shelves for the first time.

HighPost Capital led the new round, which brings Magic Spoon’s total funding to date to $100 million. HighPost is joined by Siddhi Capital, Coefficient Capital, Constellation Capital, Carter Comstock and a bevy of celebrity investors, including Shakira, Russell Westbrook, Halsey, The Chainsmokers, Amy Schumer, Odell Beckham Jr. and Nas.

Co-founders Gabi Lewis and Greg Sewitz started New York-based Magic Spoon in 2019, creating cereal flavors like Fruity, Cocoa and Peanut Butter, but with better ingredients, zero added sugar, high protein and low carbs, as well as gluten free and keto-friendly.

Those three flavors are the first among Magic Spoon’s eight flavors to go into 1,300 Target locations beginning Monday.

The pair declined to share hard numbers to support the company’s growth, but did say that Magic Spoon’s products have reached more than 1 million customers in the past three years.

And, while it has mostly been a direct-to-consumer brand, Lewis says adding retail was part of the plan all along.

“The plan was to grow the business as fast as we can and layer in new things over time,” Lewis told TechCrunch. “We wanted to do one thing at a time, do it well and then move on to the next one. We started with our website, then Amazon, with the goal of layering on additional channels to grow in new and different ways. Now we are ready to lean into retail and go onto shelves.”

In fact, Lewis and Sewitz have always planned to launch products away from the cereal box. Sewitz said he couldn’t go into more detail at this time as to what other products are in the pipeline, but Magic Spoon has a line of limited-edition cereal bars, which will become permanent members of the product line this month.


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