NEW YORK, Oct. 23, 2018 /PRNewswire/ -- Snappy, the company revolutionizing corporate gifting, announced today that it has secured $10 million in funding to date, led by 83North with participation from Hearst Ventures.
Companies are looking for creative ways to reward employees, but gift cards, paper weights, and other generic corporate gifts don't make employees feel valued. With record-low unemployment rates and high-growth companies putting company culture front and center, the competition to retain talented employees has created the need to invest in a program that recognizes their efforts like never before. Snappy allows employees to choose their favorite gift from a curated collection of personalized options, which include local experiences like cooking and yoga classes, global getaways, as well as trending products like Amazon's Echo Dot and drones. Gifts are sent via email or text in a fun innovative way and are sourced from leading brands and retailers, with prices ranging from $15 to more than $1,000.
"We help managers reward and motivate their team members without having to settle for an impersonal and boring gift card," Snappy CEO and Co-Founder Hani Goldstein said. "By combining the traditional thoughtfulness of gifting with the choice and simplicity of a gift card, Snappy creates a simple, personalized solution, ensuring each team member feels appreciated and valued for their hard work, while creating excitement and improving company culture."
Snappy will use the capital to meet the incredible international and domestic demand from current clients, accelerate the product roadmap and expand its global footprint. "The value that Snappy creates within organizations excites us," 83North General Partner David Buttress said. "We followed Snappy from its early days and were amazed by the consistent and positive feedback from employees once they got the gift from their employers. That kind of change in attitude toward your employer is only possible thanks to the use of this technology, which the Snappy team built over the last few years."
"It's never been more important to retain exceptional talent, and, as employee demand for recognition grows, the market for the solution that Snappy provides is unprecedented," said Ken Bronfin, Hearst Ventures senior managing director and head of international investments. "Not only has Snappy identified an underserved market, but the accelerated growth of the company proves that when done correctly, employee appreciation and gifting is vital for companies."
The Labor Department reported the number of American workers who voluntarily left jobs increased to 3.3 million in May 2018. Compared to monetary incentives, gifts help employees feel more appreciated. According to Journal of Economic Psychology it takes twice as much money to increase employee happiness at the same rate as a tangible gift. Global studies revealed 79 percent of people quit their jobs citing 'lack of appreciation' as the primary reason; one of the best ways to foster loyalty among employees is to recognize their hard work and dedication.
Snappy's approach to corporate gifting provides a seamless process for managers, who see the immediate impact through a thank you note feature built right into the platform. "Sometimes, even small things that demonstrate thought and care can have the greatest impact," said Matt Hoffman, Vice President of People for DigitalOcean, one of Snappy's clients. "We expect a lot from our employees and are always looking for ways to show that their work is appreciated. Partnering with Snappy allowed us to select gifts that have both personal and organizational meaning for employees, which is always the most powerful way to recognize them."
Snappy (www.meetsnappy.com) is an innovative employee recognition and incentive platform. It allows companies and managers to send a collection of thoughtful gifts to team members with a click of a button, helping employees feel appreciated and motivated at work. Snappy sources the best products and experiences from leading brands and retailers to be able to offer each recipient a personalized collection of the latest top-rated gifts. To make the process frictionless for managers and employees, Snappy is aligned with human resources partners including ADP, TriNet, HR Uncubed, BambooHR and Crain's Best Places to Work.
83North is a global venture capital firm. The fund invests across all stages in exceptional entrepreneurs, whose focus is to build global category leading companies. 83North started as Greylock IL, before becoming an independent firm and rebranding to 83North.
About Hearst Ventures
Hearst Ventures (www.hearstventures.com) is a global investment group that makes strategic investments in fast-growing companies in the media and technology sectors. Since its initial investment in Netscape in 1995, the group has grown to become one of the most active and successful corporate venture funds, with more than $1 billion in strategic investments in companies including BuzzFeed, E Ink, Hootsuite, Pandora, Roku, Via and XM Satellite Radio. With offices in New York, London, Beijing and Tel Aviv, Hearst Ventures is a unit of Hearst, a leading global, diversified media, information and services company with more than 360 businesses.