Our investment in employee gifting platform Snappy
By Gil Canaani, Hearst Ventures
How do you motivate a colleague in your team when there’s no budget to give them a raise? What levers do companies have to retain skilled staff?
Today we are delighted to announce our investment in Snappy, a convenient, accountable way to turn corporate gift-giving into something that actually builds employee loyalty and engagement.
Snappy and its cartoon puppet are the brainchild of Hani Goldstein and Dvir Cohen, who conjured up the idea in Israel, nurtured her project in San Francisco and is now rapidly attacking the US market from the company’s New York headquarters. Snappy offers employers an easy way to give fun, curated gifts to employees to show that they are valued.
It’s not just physical gifts such as an Echo Dot or a drone. Employees can choose between a wide variety of memorable experiences like hot air balloon rides, cooking classes and global getaways. The Snappy platform provides a very unique and friendly experience: the recipient gets a digital card and ‘scratches’ off the ‘Snappy Cartoon Sticker’ to reveal the gift. The employee can accept this gift or select a different one from a personalized list. It’s a seamless process which delights all those who use it while also resolving the frustrations around offline, impersonalized, unwanted and often unredeemed corporate gifts and gift cards.
Human resources and finance departments also love Snappy. With Snappy’s platform they never forget anyone's birthday or anniversary. It’s very easy to manage, send out holiday gifts or issue a quick spot award for outstanding performance. Snappy connects with other HR management systems and provides advanced reporting on budget and spend. One key feature that HR departments love is that after the gift is received, employees can send a thank you email back - and so many do.
Since we first met Snappy, it has leapt from 70 corporate clients to 170. It’s rare to see a company attract so many customers in such a short time period. Hani and her extremely talented team have unearthed an underserved market, possibly worth $90bn, and Snappy is rapidly building its business effectively and with humor.
Companies like Snappy are just what Hearst Ventures is looking to invest in: a combination of a strong team, big market opportunity bound for disruption and killer execution. It goes without saying that we’re also thrilled to be working again with Arnon Dinor, David Buttress and the 83North team, who were the seed investors in Snappy and spotted its huge potential early on. There’s no better way to gain confidence in a deal than when the existing investor wants to double down. Congratulations Snappy on your well-deserved Series A.