Customers and employees who receive corporate gifts value the brand more, and it is widely accepted that it ends up costing more. The market exploded for this. A market player, based in New York Very fastTo date, more than $125 million has been raised and is now being purchased. CoverA corporate product gifting platform. TechCrunch understands the deal involves a mix of cash and equity, but the terms were not disclosed.
Covver was formerly Israel; Backed by Tel Aviv-based TLV Partners, it has raised $7 million to date. It specializes in transaction modeling for companies and offers point-based recognition solutions for employees. It automatically customizes products. For example, Someone can send me swag with my job title (Editor-at-large) and the system will automatically create a sag with my job title in it, no graphic design required.
In an interview with TechCrunch, Snappy co-founder and CEO Hani Goldstein said Covver's expertise in swag and company store solutions complement Snappy's ability to offer these types of gifts, and the platforms will come together to make Covers effective. “Swag channel” on Snappy's platform.
“What Covver has created is an amazing experience for AI-based swag, and we can do it very well and innovate,” she said. “They specialize in stabbing. So we feel this solution can take all the magic of personalization and bring better gifting into the integrated world to become the leading gifting platform worldwide.”
“There are $50 billion worth of gift cards in the U.S. alone,” she added. “The corporate gifting world is worth about $260 billion. But people don't know what to buy, so they use gift cards. So that gives you a choice, right? But it became too transactional. 'Hey Mike, It's like 100 bucks here.' But I want you to be happy. So what we wanted to do was make gifting easy, but still retain the magic and personalization.”
In a statement, Roee Hemed, CEO of Covver, said, “By partnering with Snappy, we are unlocking new possibilities for our customers, including expanded product solutions and the ability to leverage Snappy's trusted gifting platform.”
Snappy first appeared on TechCrunch. Back in 2016. As a consumer app, Notable Capital Hearst Ventures; Qumra, Its growth was halted until it eventually raised funds from investors, including 83 North and other VCs.
Microsoft, It claims more than 47% of Fortune 100 companies as customers, such as Amazon and Comcast.
However, it has its rivals. Shipping To date, the Post Office has raised $152.7 million. rose up $46 million and Dublin-based corporate gifting platform & Open rose up $26 million by 2022.