How Goody Works and Ongoing Success
Tech startup Goody makes gift-giving easier through the use of its mobile app available on both Android and iOS devices. The Goody app allows users to buy and send gifts to others via text. The startup partners with retail companies of all kinds in order to create a major marketplace of items for customers to choose from. Once a recipient accepts a gift, they can customize it to their liking.
For example, to send a chocolate gift through the Goody app, the recipient can choose a different flavor or even exchange the gift for one of equal value that is also available on the marketplace. The startup does not require the need for an address either. Once the gift is accepted, the company will charge the user. The recipient will then enter the delivery address, making the gifting process easier than ever.
The Goody app was launched in December of last year and has already been responsible for tens of thousands of gifts being purchased. The startup’s business model works by taking a small percentage of revenue from the items sold on its marketplace. In exchange, a partnered business has a larger potential pool of customers and can generate more sales without expensive marketing campaigns.
Goody+ and New Funding
With such rapid growth in a short period of time, the company has begun to expand its business potential with the recent launch of Goody+. Goody+ is an enterprise version of the current product offered by the company. Users on the premium service can send gifts to dozens of people at the same time, allowing for more personal mass-gifting from a business or for a wedding. This new service will come with an added cost, but for a company looking to give gifts to its entire work staff, this could be a great alternative to generic items bought in large quantities.
Goody also announced that the gifts startup had raised $13.1 million in the Series A funding round for the business. The funding round was led by New Enterprise Associates, with participation from a series of angel investors rounding out the rest. The new funding will help the startup expand its staff, scale up to meeting rising demand, and expedite product development.
In a statement released alongside the recent announcements, CEO of Goody, Edward Lando, said, “We are building something fundamentally good for the world, a product that allows people to share love, warmth and recognition around them. Life is too short to build something bad for the world or even neutral, especially when we have the luxury of choosing how to make those in our network feel recognized and appreciated.”
About the Author
Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.