An online mobile gifting startup, Goody, secured a little over US$ 4 million early investment in a round announced on February 8, 2021. The round enjoyed contributions from several investors including Quiet Capital, Pareto Holdings, Index Ventures, Craft Ventures, Third Kind Venture Capital, Fred Ehrsam (Founder of Coinbase) and Charlie Cheever (Founder of Quora) among others. While there are several other ways of sending and receiving gifts (like gift cards), these methods lack the personal touch and fail to convey the value put into the gifts. Goody seeks to rectify this issue with their latest development, a mobile gifting app that not only simplifies the gift-giving process but reflects the value and meaning behind gifts sent.
Purpose of the Investment
Goody has outlined plans to utilize the proceeds of the investment in publicizing and advertising its products and services. In preparation for one of the most popular gift-giving holidays (Valentine’s Day), the startup has been able to secure a spot on the Times Square billboard to advertise its application.
Products & Services offered
Goody provides a web-based gifting platform to facilitate the transfer of gifts and soon, an IOU to let recipients know that a user is thinking of them. Their app makes it convenient for users to appreciate their families, friends and loved ones on a more personal level through gift sharing.
The startup just recently launched their mobile app in mid-December and currently collaborates with a couple dozen brand partners. These partners include emerging companies and startups in the direct-to-consumer industry. Some of them are:
- The class – a workout experience
- Fable – a pet company
- Moon Juice – a wellness company
- Ghia – a non-alcoholic aperitif
- Raaka Chocolate and many more
According to the founder and CEO of Goody, Edward Lando, “In the world today, there are a lot of online direct-to-consumer brands selling cool things like chocolate and coffee to mention a few. The only way for them to get discovered currently is to buy Facebook ads and so we provide an alternative for them to get discovered. We are like a giant shopping mall for users to find out about these cool products.”
Growth and Trends
In addition to the range of services offered by Goody, the startup is currently working on new features to be of use to customers who just want to stay in touch with their friends and families. On this note, Goody plans to launch new gift types this week called IOUs. These are meant to be a way of just telling someone you are thinking of them without sending physical items. Goody also plans to integrate a calendar that can help users keep track of birthdays and others major events.
Being almost a year old, Goody has had quite an impressive record in the industry. According to Lando, about 10,000 gifts have been sent so far using their platform and the numbers only seem to be on the rise. Lando also said, “I believe the pandemic has had a truly negative impact on the populace, not just health-wise but emotionally. Humans are primarily social creatures and when deprived of interaction among each other, can develop weakness both physically and psychologically. While it’s no substitute for seeing someone in person, Goody offers a nice and more personal way of sharing warmth and positivity through the art of gift-giving.”
Looking back, we can see the remains of several gift-sharing services that either closed down or exited the industry due to the lack of a solid customer base or inability to keep operations running. Examples are Giftly, Sesame, Token and Bond. Today however, the rise in D2C businesses as well as a decline in the use of Facebook for discovery purposes could very well result in the growth and adoption of gift-giving startups.
Edward Lando, founder of Goody stated, “Our highest priority at Goody is to project a high level of personal value. If a person receives a gift through our platform, it should feel like “wow, they really thought about me and personally picked out something just for me.” We try our best to ensure that our services don’t project a monetary value, but a personal one.”
Goody was officially established last year in March 2020 by the startup investor and serial entrepreneur, Edward Lando. The company currently has 9 full time employees based in Miami and other locations, working remotely. Having ridden a bit on the pandemic wave in generating traction for its platform, Goody has recorded millions of dollars in investment and is ultimately geared towards the improvement and expansion of their platform.
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