Magic Spoon, a US breakfast cereal maker, has attracted US$85m in investment in a Series B funding round.

The New York business said the money, which takes total funding to date to $100m, will be used to accelerate its growth, which involves developing the company from being selling solely directly to consumers to one also supplying bricks-and-mortar retail.

The funding round was led by HighPost Capital, which was joined by fellow investors including Siddhi Capital, Coefficient Capital and Constellation Capital.

Celebrities – including pop star Shakira, rapper Nas, electronic duo The Chainsmokers and American footballer Odell Beckham Jr. – also took part.

Magic Spoon is making its retail debut in Target stores nationwide and will launch in additional retailers throughout this year.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Co-founder Greg Sewitz 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.”

David Moross, CEO of HighPost Capital – co-founded by Mark Bezos, younger brother of Amazon founder Jeff Bezos – said: “We are excited to announce our investment in Magic Spoon, which immediately upended the old-school cereal industry when it launched in 2019

“In a short period of time, [co-founder] Gabi [Lewis] & Greg have built a tremendous brand with a fiercely loyal and engaged consumer base through their unwavering commitment to innovation and creativity.”

Magic Spoon is said to have reached one million customers in the three years since it was launched.

Its cereals – with flavours including Fruity and Peanut Butter – are high in protein, low in carbs, keto-friendly and free of gluten, grains, soy, and artificial ingredients.

Magic Spoon also makes cereal bars, sometimes in limited editions.

Just Food’s Stateside Strategy column: Digitally-native brands must become omnichannel to thrive