Magic Spoon, a New York-based flavored cereal brand, raised $85M in Series B funding.
The round was led by HighPost Capital, with participation from Siddhi Capital, Coefficient Capital, Constellation Capital, Carter Comstock, Shakira, Russell Westbrook, Halsey, The Chainsmokers, Nick Jonas, Amy Schumer, Odell Beckham Jr., and Nas.
The company plans on using the funds to invest in brand building and product innovation, as well as to evolve their business goals.
Magic Spoon is led by Greg Sewitz and Gabi Lewis. It offers a variety of healthy flavored cereals with no added sugar. All of the brand’s cereals – with flavors including Fruity, Cocoa, and Peanut Butter – are high in protein, low in carbs, keto-friendly, and free of gluten, grains, soy, and anything artificial.
The company also announced its first-ever retail launch exclusively into Target stores nationwide and will launch in additional retailers – from big box to natural grocers – throughout 2022 and beyond.