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Snappy acquires swag-gifting startup Covver as it seeks to roll-up players
It’s now widely recognized that corporate gifts can significantly enhance brand perception and employee satisfaction, with minimal upfront costs. As a result, the market for such solutions has grown exponentially.
One of the leading players in this space is New York-based Snappy, which has secured over $125 million in funding so far. In its latest move, the company has acquired Covver, a corporate merchandise gifting platform that offers personalized gift-giving experiences and points-based employee recognition solutions. The financial terms of the deal remain undisclosed, although sources indicate it was structured as a mix of cash and equity.
Covver, previously backed by TLV Partners based in Tel Aviv, Israel, has attracted around $7 million in funding to date. Notably, its platform allows users to curate gifts tailored to specific recipients, thereby fostering stronger relationships with customers and employees.
This strategic acquisition is part of Snappy’s broader strategy to consolidate market share and strengthen its position as a leading provider of innovative gifting solutions. By merging the capabilities of both businesses, Snappy will be able to expand its offerings, improve operational efficiency, and accelerate growth in the competitive corporate gift-giving landscape.
The transaction has sparked significant interest within the industry, given the presence of multiple competitors vying for dominance in this space. Sendoso has secured a substantial $152.7 million investment, while Postal boasts a funding haul of $46 million. Dublin-based &Open has also made waves with its $26 million raise in 2022.
As part of this acquisition, Snappy will be leveraging Covver’s cutting-edge technology to further differentiate itself from the competition and deliver superior value to its clients.
Source: techcrunch.com
