It is now widely accepted that customers and employees who receive corporate gifts will appreciate the brand more, and it does not cost much. The market for this has exploded. One such market player, New York-based Snappy, which has generated more than $125 million to date, is now acquiring Covver, the company’s merchandise rewards platform. Terms were not disclosed, though TechCrunch understands the deal includes a mix of cash and stock. Covver was previously backed by TLV Partners, based in Tel Aviv, Israel, and has raised $7 million to date. Specializes in swag-style merchandise for companies, and also offers points-based recognition solutions for employees. It also creates products automatically. So, for example, someone can post a swag with my project title (Editor-at-large) and the system automatically creates a swag with my project title, no graphic design required. In an interview with TechCrunch, Hani Goldstein, Co-Founder and CEO of Snappy, said that Covver’s expertise in swag and enterprise store solutions complements Snappy’s ability to deliver this kind of gifting experience, and that the platforms will be combined, with Cover effectively becoming a “swag channel”. on the Snappy platform. “What Covver has created is an incredible experience for swag that’s based on AI and does it beautifully and innovatively,” he said. “They specialize in swag. So we feel that this solution can take all the magic of personalization and bring it to the combined world of how to give better gifts, becoming the leading gifting platform worldwide. “There are about $50 billion in gift cards, just in US,” he added. “The world of corporate gifts is worth about $260 billion. But people don’t know what to buy, so they use gift cards. So it gives you a choice, right? But that is very transactional. It’s like ‘Hey, Mike, here’s 100 bucks!’ But I want to make you happy. So what we want to do is make the gift as simple as possible, but still add magic and personalization. In a statement, Roee Hemed, CEO of Covver said: “By joining forces with Snappy, we open up new possibilities for our customers, including expanded product solutions and the ability to leverage Snappy’s trusted rewards platform.” Snappy first launched on TechCrunch in 2016 as a consumer app, and began progressing until it was eventually raised from investors including Famous Capital, Hearst Ventures, Qumra, 83 North, and other VCs. Claims to have more than 47% of Fortune 100 companies as clients such as Microsoft, Amazon, and Comcast. However, there is competition. Sendoso has raised $152.7 million to date, Pos raised $46 million, and Dublin-based corporate rewards platform & Open raised $26 million by 2022.
