LOS ANGELES — Sexual wellness brand Cake has successfully raised $4 million in seed funding, led by venture capital firm Lerer Hippeau, for a total of $5.7 million that will be dedicated to product development, e-commerce and distribution, among other projects.
Participants in the recent round of fundraising include Sugar Capital, Brand Foundry Ventures, Selva Ventures, Silas Capital, Gabby Slome (Co-Founder of Ollie), Brian Bordainick (Co-Founder of Starface) and Kate Wallman (Angel investor), BusinessWire reported.
“The team set out to prove a hypothesis that consumers are ready to invest in more fun sex. In just nine 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,” Lerer Hippeau Partner Caitlin Strandberg said. “Those are hard numbers to disagree with.”
Cake Co-Founder and CEO Hunter Morris noted that “this generation of consumers are more open and sexually fluid than any other generation before.”
“It’s a privilege to make products for how people actually get down, free of shame or awkwardness that’s historically been associated with this category,” added Morris.
Co-Founder and CMO Mitch Orkis said their team has leaned “people are confused when it comes to sexual wellness products. That’s why every product Cake makes is extremely simple and clear. You immediately know what it is for, and how to use it. We make shopping the sex aisle easy and fun.”