Shakira Invests In Healthy Cereal Company Magic Spoon

Magic Spoon, the maker of better-for-you cereals, secured $85 million in Series B funding as three of its brands make the jump from direct-to-consumer-only offerings to Target store shelves for the first time.

HighPost Capital led the new round, which brings Magic Spoon’s total funding to date to $100 million. HighPost is joined by Siddhi Capital, Coefficient Capital, Constellation Capital, Carter Comstock and a bevy of celebrity investors, including Shakira, Russell Westbrook, Halsey, The Chainsmokers, Amy Schumer, Odell Beckham Jr. and Nas.

Co-founders Gabi Lewis and Greg Sewitz started New York-based Magic Spoon in 2019, creating cereal flavors like Fruity, Cocoa and Peanut Butter, but with better ingredients, zero added sugar, high protein and low carbs, as well as gluten free and keto-friendly.

Magic Spoon is not alone in tackling a healthier version of breakfast. They are among companies like OffLimits and Crispy Fantasy in cereal and Kreatures of Habit and Yishi in the oatmeal space. Some have also gobbled up venture capital dollars as they grab a piece of a breakfast cereals market poised to be valued at $51 billion by 2028.

The company currently has 41 employees, up from 20 a year ago, and has about a dozen open jobs on its website. With the expansion of its sales channels, it made the move to bring in Rachelle Lynch as head of sales in March to lead that department and work alongside the digital team to build that business, Lewis said. Lynch previously held sales roles at Mason Dixie Foods, Hu Products and Jeni’s Splendid Ice Creams, according to her LinkedIn profile.