Better-for-you cereal brand Magic Spoon has raised $85 million in a Series B funding round, supporting the company’s expansion into retail.
The round was led by private investment firm HighPost Capital, with participation from Siddhi Capital, Coefficient Capital, Constellation Capital, Carter Comstock and celebrity investors including Shakira and Amy Schumer.
Magic Spoon reimagines popular childhood cereals with the added benefit of being high in protein and low in calories and carbs. The cereals are also free from gluten, grain, sugar, soy and artificial ingredients.
Proceeds from the raise will be used to fuel growth and expand into retail markets. The brand plans to make its debut in Target and launch into additional retailers over the next few years.
Greg Sewitz, co-founder of Magic Spoon, said: “Our focus on a direct-to-consumer model when we launched was key as we were growing and establishing a presence in a tired category, but we are beyond ready and excited to be able to reach even more consumers across the country through our brick-and-mortar retail launch”.
The brand is launching three existing cereal flavours – Fruity, Cocoa and Peanut Butter – into Target stores nationwide across the US this month.
© FoodBev Media Ltd 2022
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