Now it is widely accepted that customers and employees who receive corporate gifts are more appreciative of the brand, and because of the low cost. The market for it thus exploded. A market player, based in New York Snappywhich has raised over $125 million to date, has now been secured Covera corporate merchandise gifting platform. Terms were not disclosed, though TechCrunch understands the deal involves a mix of cash and shares.

Covver was previously backed by TLV Partners, based in Tel Aviv, Israel, and has raised $7 million to date. It specializes in swag-style merchandise for companies, and also offers points-based recognition solutions for employees. It also automatically personalizes products. For example, someone sends me swag with my job title (Editor-at-large) and the system will automatically create swag with my job title, no graphic design required.

In an interview with TechCrunch, Hani Goldstein, Co-Founder and CEO of Snappy, said Covver’s expertise in swag and company store solutions adds to Snappy’s ability to deliver these types of experiences to gift, and that the platforms will be integrated, with Covver effectively becoming a “swag channel” on Snappy’s platform.

“What Covver is building is a unique experience for AI-based swag and it’s doing it really well and innovatively,” he said. “They specialize in swag. So we feel this solution can take all the magic of personalization and bring it to the unified world of how we make giving better, to be leading gifting platform worldwide.

“There’s about $50 billion worth of gift cards, just in the US,” he added. “The world of corporate giving is worth about $260 billion. But people don’t know what to buy, so they use gift cards. So that gives choice, right? But it’s become very transactional. It like ‘Hey, Mike, here’s 100 bucks!’ But I want you to be happy. So what we want to do is make it easy, but still keep the magic and personalization.”

In a statement, Roee Hemed, CEO of Covver said: “By joining forces with Snappy, we open up new possibilities for our customers, including expanded product solutions and the ability using Snappy’s trusted gifting platform.”

Snappy was first launched by TechCrunch back in 2016 as a consumer app, and bootstrapped its development until it finally raised from investors including Notable Capital, Hearst Ventures, Qumra, 83 North, and other VCs.

It claims to have over 47% of Fortune 100 companies as clients such as Microsoft, Amazon, and Comcast.

However, it has competitors. Submitting has raised $152.7 million to date, Postal raised $46 million, and the Dublin-based corporate giving platform &Open raised $26 million by 2022.