# Magic Spoon

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/magic-spoon

- Industry: Food
- Headquarters: New York, US
- Website: www.magicspoon.com
- Total disclosed funding: $91M
- Latest round: Series B (Jun 13, 2022)
- Investors on record: 10

## About

Magic Spoon Inc. specializes in high-protein, keto-friendly cereals tailored for health-conscious consumers, offering nostalgic flavors with low sugar and high protein content.Magic Spoon Inc. was founded in 2019 and operates out of New York, US, focusing on creating cereals designed for health-oriented adults. The founders, Gabi Lewis, Gregory Sewitz, and Manas Das, have prior entrepreneurial experience. In June 2022, the company successfully raised USD 85 mn in Series B funding led by Highpost Capital, with participation from several other investors. This latest funding round brought the total amount raised to USD 85 mn and valued the company at approximately USD 389.22 mn.Magic Spoon primarily offers a line of high-protein, keto-friendly cereals designed to cater to health-conscious consumers and those with dietary restrictions, such as gluten sensitivity. Their core product offerings include a variety of flavored cereals and granolas, all with 0-2 grams of sugar per serving and a significant protein content ranging from 12g to 14g. The cereals are formulated to provide a nostalgic taste reminiscent of childhood favorites while incorporating adult nutritional needs, thus targeting both health-focused adults and families looking for healthier breakfast options. Magic Spoon also markets its products directly to consumers through an online platform, where customers can build their own bundles and subscribe for regular deliveries. Their geographic reach includes markets within the United States and potentially other regions with a demand for gluten-free and health-oriented food products.Magic Spoon generates revenue primarily through direct-to-consumer sales via subscriptions and one-time purchases on their website. The company offers various pricing plans that incentivize long-term commitments, such as discounts for subscribers who opt for regular deliveries of their products. Their flagship offerings include a range of cereals and granolas, with promotional items like a free bowl set for new subscribers, enhancing customer acquisition. The pricing structure reflects a focus on providing quality, healthy alternatives, positioning the products at a premium within the health food market. These sales are complemented by marketing strategies that emphasize customer satisfaction and product quality, further driving repeat purchases and customer loyalty.In June 2022, Magic Spoon Inc. raised USD 85 mn in Series B funding to support their expansion and product innovation. The company plans to leverage this funding to develop new product offerings and enhance its platform for better customer experience. They aim to expand into new geographic markets, particularly targeting regions within the US that have a growing interest in health-oriented food products. Specific release dates for new products have yet to be announced.

## Funding rounds

- Series B, Jun 13, 2022, $85M — Coefficient Capital, HighPost Capital, Siddhi Capital, Constellation Capital, The Chainsmokers
- Seed, Sep 12, 2019, $5.5M — Lightspeed Venture Partners, Collaborative Fund, DGNL Ventures, Melitas Ventures, Wild Ventures

## Investors

- Lightspeed Venture Partners (https://capitalatlas.ai/funds/lightspeed-venture-partners) — Seed
- Collaborative Fund (https://capitalatlas.ai/funds/collaborative-fund) — Seed
- DGNL Ventures (https://capitalatlas.ai/funds/dgnl-ventures) — Seed
- Melitas Ventures (https://capitalatlas.ai/funds/melitas-ventures) — Seed
- Wild Ventures (https://capitalatlas.ai/funds/wild-ventures) — Seed
- Coefficient Capital (https://capitalatlas.ai/funds/coefficient-capital) — Series B
- HighPost Capital (https://capitalatlas.ai/funds/highpost-capital) — Series B
- Siddhi Capital (https://capitalatlas.ai/funds/siddhi-capital) — Series B
- Constellation Capital (https://capitalatlas.ai/funds/constellation-capital) — Series B
- The Chainsmokers — Series B