Snappy is an Israeli startup that offers a new platform for gift giving. The company, reported Globes, just completed a $25 million Series D financing round led by Qumra Capital, bringing its total funding to date to $130 million. Unfortunately for Snappy, Globes also reported that the round left the firm with no more than a $200 million valuation, half of the $400 million valuation it had in 2021.
The devaluation of Snappy, however, is not related to the ongoing war in Gaza. The company had been experiencing problems for some time since it raised $70 million in a Series C funding round almost three years ago.
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In January 2023 Snappy laid off 100 employees, or roughly 30% of its workforce at the time.
“Snappy is experiencing the impact of economic shifts and uncertainties that many other companies in the tech industry are experiencing,” explained the company’s CEO when the cuts were made “Unfortunately, we must make extremely painful choices in order to orient Snappy’s financial profile toward sustainable growth and profitability.”
Founded in 2015 by, Hani Goldstein and Dvir Cohen, Snappy calls itself an all-in-one enterprise gifting platform, “using the power of experience to delight and connect people around the world.” So it is kind of like Santa Clause, only it makes money from what it does.
But this is specifically meant for companies which give out gifts. Snappy explains that in the US spend more than $125 billion on gifts for both employees and customers, with a further $375 billion spent by individuals.
The platform, boasts Snappy, offers high-quality gifts from top brands and retailers, handpicked by professionals using a proprietary gift-trends algorithm and real-time stock availability. It’s simple to set up and can also be integrated with human resources platforms to trigger automated gift sends for occasions like employees birthdays or work anniversaries. Snappy’s clients also have access to real-time recipient feedback and gift insights to help understand the positive impact of their programs
