Sexual wellness brand Cake today announced that it has raised $4 million in seed funding, led by venture capital firm Lerer Hippeau, as it gears up for a national Walmart launch.
WHO: Cake is a sexual wellness brand on a mission to help the world have more fun sex. The brand’s line of speciality lubricants, toys, and sexual hygiene products are made of the highest-quality ingredients and designed for specific types of sexual enjoyment, all at an affordable price point. Each product is inspired by real individuals and couples and tested across the spectrum of sexual preferences before launch.
WHY: The new capital will be dedicated to product development, scaling e-commerce, and supporting the brand’s launch in brick-and-mortar retail, with a 4,000 Walmart store rollout in July 2021.
IN THEIR OWN WORDS: On selecting Walmart as their retailer, co-founder and CEO Hunter Morris explained that, “We wanted to pick a retailer that understood this new generation of consumers—that they are more open and sexually fluid than any other generation before. Walmart not only embraced our ability to speak to this emerging consumer, but took time to understand that what they want doesn’t fully exist on shelf. For example, we’ll be the first brand to have a product on shelf like our best selling ‘So-Low Lotion’ product and we love that.”
Mitch Orkis, co-founder and CMO, adds, “We’ve learned that solo play is as predictable as shaving … if not more. The fact that these types of products don’t currently exist in retail is wild to us. We’re thrilled to be the brand introducing that into mainstream America.”
Lerer Hippeau and fellow venture firms also are betting on Cake as the brand to usher in a new era of sexual wellness. Caitlin Strandberg, Principal at Lerer Hippeau, shared that “The team set out to prove a hypothesis that consumers are ready to invest in more fun sex. In just 9 months they’ve not only proved that’s true with their traction in retail, but now 84% of their customers directly attribute Cake to leading to a better sex life. Those are hard numbers to disagree with.”
- Cake raised an additional $4 million in seed funding, led by venture capital firm Lerer Hippeau with participation by Sugar Capital, Brand Foundry Ventures, Selva Ventures, Silas Capital, Red Antler Ventures, Gabby Slome (co-founder of Ollie), Brian Bordainick (co-founder of Starface), and Kate Wallman (angel investor).
- In June 2020 the brand raised $1.435MM in seed funding with backers including Brian Spaly, co-founder of Trunk Club & Bonobos, Roth Martin, co-founder of Rothy’s, Brand Foundry Ventures, Finn Capital, and others.
- The total capital raised to date by the business is $5.7 million.
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