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June 13, 2022: 12:00 AM EST
Better-for-you cereal brand Magic Spoon recently secured $85 million in Series B funding as three of its products transition from direct-to-consumer-only to Target store shelves for the first time. HighPost Capital led the investment round, which brings Magic Spoon’s total funding to date to $100 million. HighPost is joined by Siddhi Capital, Coefficient Capital, Constellation Capital, Carter Comstock and celebrity investors including Shakira, Halsey, The Chainsmokers, Amy Schumer, Odell Beckham Jr. and Nas. These investments will go towards hiring employees to scale up around logistics, customer service and growth marketing as the company balances both DTC and retail. Magic Spoon was founded in 2019 and sells gluten-free cereal with zero added sugar, high protein and low carbs. Its Fruity, Cocoa and Peanut Butter flavors are the first among Magic Spoon’s eight flavors to go into 1,300 Target locations.
Christine Hall, "Cereal maker Magic Spoon scoops up $85M as it lands spot on Target shelves", TechCrunch, June 13, 2022, © Yahoo
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