$85 million investment has been made in a cereal startup

• The investment funds will be used to expand from 100 percent direct-to-consumer to retail.
• The initial rollout will take place in Target stores, but the company intends to expand to other retailers throughout 2022. “
• Its cereals have a high protein content, and low carbohydrate content, are keto-friendly and include no added sugar, wheat, or soy.

NEW YORK: Startup Following an $85 million Series B venture capital investment, direct-to-consumer cereal manufacturer Magic Spoon is expanding to brick-and-mortar, primarily Target stores nationwide.

The investment funds will be used to expand from 100 percent direct-to-consumer to retail. The initial rollout will take place in Target stores, but the company intends to expand to other retailers throughout 2022.

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“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,” said Greg Sewitz, co-founder of Magic Spoon.

Magic Spoon debuted in 2019. Its cereals have a high protein content, and low carbohydrate content, are keto-friendly and include no added sugar, wheat, or soy.

the highest Capital led the investment, which was joined by Siddhi Capital, Coefficient Capital, Constellation Capital, Carter Comstock, and others. Shakira, Russell Westbrook, Halsey, The Chainsmokers, Nick Jonas, Amy Schumer, Odell Beckham Jr., and Nas are among the celebrities who have invested. startup

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“In a short period of time, Gabi (Lewis, co-founder) and Greg have built a tremendous brand with a fiercely loyal and engaged consumer base through their unwavering commitment to innovation and creativity,” said David Moross, co-founder, chairman, and chief executive officer of HighPost Capital. “We look forward to leveraging HighPost’s deep consumer sector expertise to support Magic Spoon’s continued growth.”