Sexual wellness brand Cake has raised $4 million in seed funding, led by venture capital firm Lerer Hippeau and joined by 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).
The brand's funding now totals $5.7 million and will support product development, scaling up e-commerce and expanding distribution with exciting new retail channels, including Target, where Cake has four SKUs.
Caitlin Strandberg, partner at Lerer Hippeau, said, "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. Those are hard numbers to disagree with."
Hunter Morris, co-founder and CEO of Cake, added, "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."
Mitch Orkis, co-founder and CMO of Cake, concluded, "We’ve learned 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."