Sexual wellness model Cake this week is increasing its product placement in some main retailers, together with new house in CVS shops, because it proclaims $8 million in new Collection A funding.
We last profiled Cake in April when its line of lubricants, condoms, toys and sexual hygiene merchandise made its debut in Goal and took in $2.5 million in bridge financing. The corporate now has 5 merchandise in retailer places in addition to Amazon, Thrive Market and UrbanOutfitters.com.
The corporate grew 200% 12 months over 12 months between 2021 and 2022. 4 of its merchandise at the moment are in CVS, together with Tush Cush, So-Low Lotion, Buzzy Butt and Stroker. Cake can also be doubling its product SKUs in Walmart, going from 4 to 11 SKUs, the corporate stated.
The sexual wellness market is massive enterprise now, as a lot of the stigma round it has eroded in recent times. The market is predicted to succeed in $125.1 billion by 2026, up from $67.4 million in 2019 and rising 12% yearly, in keeping with KBV Analysis.
Consequently, Cake shouldn’t be alone in attracting enterprise capital. For instance, final week, Dame Products raised $7 million for its line of vibrators and serums. In 2020, Barcelona-based Emjoy raised $3 million for its “sex-positive subscription audio content material.”
In the meantime, Silas Capital led Cake’s new funding, which supplies the corporate over $16 million in complete funding up to now. Silas was joined by its present buyers, together with Lerer Hippeau, Selva Ventures, Bullish and Finn Capital Companions.
The brand new funding will likely be centered into continued retail enlargement and product innovation, Hunter Morris, co-founder and CEO of Cake, advised TechCrunch. The corporate additionally introduced on Greenback Shave Membership’s former Chief Innovation Officer Fadi Mourad to go up product innovation, and former SmartyPants government Christina Komen to steer retail gross sales.
“We function on a recurring theme of placing intercourse again in arm’s attain,” Morris stated. “Retail has been form to us, and enlargement has been sooner than anticipated. As we get extra clear on the Cake target market, we’re determining the place they store and going to these locations. We are able to’t go into particulars now, however we could have a brand new, thrilling retailer that will likely be carrying Cake in 2022 and 2023.”
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