Magic Spoon closes $85m Series B, announces nationwide retail rollout at Target
Other investors in the funding round include Siddhi Capital, Coefficient Capital, Constellation Capital, and Carter Comstock, along with celebrity investors including Shakira, Russell Westbrook, Halsey, The Chainsmokers, Nick Jonas, Amy Schumer, Odell Beckham Jr., and Nas.
Billed as a nostalgic cereal brand for adults to enjoy the classic flavors from their childhood without the nutritional guilt (e.g. no-added sugar, grain-free, and 13-14 g of protein per serving), Magic Spoon launched in 2019 as a DTC brand and has now reached over 1 million customers over the span of three years.
The brand has expanded its cereal lineup with limited edition flavors and an expansion into the cereal bar category earlier this year. As part of its first nationwide retail launch, Magic Spoon will have its three core flavors -- Fruit, Cocoa, and Peanut Butter -- available at Target stores nationwide. The brand will launch in additional retailers including big box and natural grocers later this year.
“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,” said Magic Spoon co-founder Greg Sewitz.
“We are excited to announce our investment in Magic Spoon, which immediately upended the old-school cereal industry when it launched in 2019,” said David Moross, co-founder, chairman, and chief executive officer of HighPost Capital.
“In a short period of time, Gabi and Greg have built a tremendous brand with a fiercely loyal and engaged consumer base through their unwavering commitment to innovation and creativity. We look forward to leveraging HighPost’s deep consumer sector expertise to support Magic Spoon’s continued growth.”