Direct-to-consumer better-for-you cereal brand Magic Spoon is making its retail debut exclusively at Target.
The company, backed by capital firms and celebrity investments, also announced $85 million in Series B funding. Magic Spoon is exclusive at Target for now, as the company said it will continue to expand its retail footprint. Three best-selling flavors, Fruity, Cocoa and Peanut Butter can be found on Target shelves nationwide this month.
“We’re excited to continue innovating the cereal category, using this new funding to expand on brand building initiatives, invest in product innovation and evolve our business goals,” said Gabi Lewis, co-founder of Magic Spoon.
Founded in 2019, Magic Spoon offers a healthier alternative to childhood “sugary” cereal favorites. Magic Spoon’s cereals are high in protein (13-14 grams), low in carbs (4 grams), keto-friendly, and free of added sugar, gluten, grains, soy, and anything artificial. The company also recently released a limited-edition run of cereal bars.
“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.
Series B funding was led by HighPost Capital, and will be used to further expand Magic Spoon’s reach.
“We are excited to announce our investment in Magic Spoon, which immediately upended the old-school cereal industry when it launched in 2019,” said David Moross, co-founder, chairman, and CEO of HighPost Capital. “In a short period of time, Gabi & Greg have built a tremendous brand with a fiercely loyal and engaged consumer base through their unwavering commitment to innovation and creativity. We look forward to leveraging HighPost’s deep consumer sector expertise to support Magic Spoon’s continued growth."