Magic Spoon, the new ‘healthy’ cereal brand has secured $5.5 million in a seed funding round led by Lightspeed Venture Partners as it aims to expand its business, grow its team and develop new flavours.
Others who participated in the round include Collaborative Fund, Wild Ventures, Joey Zwillinger (co-founder of Allbirds) and Jeff Raider (co-founder of Harry’s).
Launched in April 2019, the US-based company produces high-protein cereal that is low in calories while free-from gluten, grains and artificial ingredients. A recommended serving of Magic Spoon’s cereal contains 12g of complete protein, 110 calories and only three grams of net carbs.
The direct-to-consumer cereal brand claims to provide a “healthy and delicious product that mirrors the taste and texture of classic childhood cereals but with upgraded ingredients for the health-conscious 21st-century consumer.”
Merci Victoria Grace, partner at Lightspeed Venture Partners said: “Magic Spoon’s healthy ingredients, delicious taste and great design have driven growth and customer loyalty.
“The cereal category is one that has been ripe for innovation and we are excited to partner with Gabi and Greg to help redefine the cereal experience.”
Commenting on the future of the brand, Greg Sewitz, Co-Founder of Magic Spoon said: “With new capital to support our growth, Magic Spoon will scale operations, develop new flavours, and invest in growing the team.
“Magic Spoon is about letting out that inner kid in all of us without compromising on our values or our food quality; we can’t wait to give even more customers that experience.”
Magic Spoon was founded by entrepreneurs, Gabi Lewis and Greg Sewitz, who have previously made and sold cricket-based protein bars under the brand name Exo, before selling the company to Aspire Food Group in 2018.
© FoodBev Media Ltd 2019