LOS ANGELES--(BUSINESS WIRE)--Sexual wellness brand Cake announced today that it has secured $8 million in a Series A funding round led by investment partner Silas Capital, an emerging growth equity and venture capital firm that invests behind exceptional next-generation consumer brands. The oversubscribed round was completed entirely with existing investors who are betting on Cake to be the breakout brand to reinvent the sex aisle, including Lerer Hippeau, Bullish, Selva Ventures, and Finn Capital Partners.
Total funding has now surpassed $16 million, making this approachable sexual wellness brand one of the highest-funded startups in its category.
Early success within retail has proven Cake’s ability to appeal to mainstream America by listening to what individuals and couples want to try in the bedroom. The brand is now carried in several of the largest big box and drug retailers in the U.S. with new funding being allocated towards continued expansion and product innovation.
Cake continues to add industry veterans to its leadership team, announcing today that the company has named Fadi Mourad, former Chief Innovation Officer at Dollar Shave Club, to SVP, Product Innovation. Cake also brought on Christina Komen, formerly at SmartyPants to run retail growth as VP, Retail Sales.
The sexual wellness market which was recently valued over $10 billion is expected to expand at a compound annual growth rate of 7.6% from 2022 to 2030, according to a GVR report. Cake, whose mission is to help the world have more fun sex, is uniquely positioned to capture a major portion of the market by creating high-quality sexual wellness products at affordable prices, with satisfaction 100% guaranteed. The current catalog of sexual health products includes specialty lubricants, topicals, condoms, devices, and more.
“When we originally launched Cake just over 2 years ago the plan was simple – to make the world's most approachable sex brand that would reinvent the sex aisle for good,” said Mitch Orkis, Co-Founder, and CMO of Cake. “It’s fun to see the investors we met on day one continue to double down on Cake again and again.”
“Cake is clearly building a modern sexual wellness brand by appealing to couples that want to have a bit more fun in their lives,” said Brian Thorne, Partner at Silas Capital. “As the first investment of our new growth fund, we are confident that Cake is poised to scale quickly through its existing retail relationships, as well as amplify its e-commerce business through our partnership. We’re excited to continue with Mitch and Hunter on this journey and can’t wait to see what the future has in store for this category-defining brand.”
Cake is a sexual wellness brand on a mission to help the world have more fun sex. The brand’s line of specialty 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. All products are inspired by real individuals and couples and tested across the spectrum of sexual preferences before launch. Sexual satisfaction guaranteed, or your money back.
Cake’s product line including specialty lubricants, condoms, toys and more are currently available at hellocake.com, with select products available at major US retailers, Amazon, Thrive Marketplace and UrbanOutfitters.com. For more information, visit hellocake.com, and follow along via social /hellocake.
About Silas Capital
Since 2012, Silas Capital has been an active emerging growth equity and venture capital investor that partners with consumer brands, in order to help these companies achieve significant revenue growth and profitability, improve operational efficiency, and increase brand recognition and value. The complementary backgrounds of the firm's partners comprise executive leadership roles across growth equity and venture capital firms, as well as operating companies, which allows the group to deliver on a unique value-add proposition to the management teams, founders and companies with whom Silas partners. The firm not only invests capital to help these companies grow, but also brings significant resources and capabilities to actively assist in the growth of revenue through its expertise in e-commerce and digital expansion, alongside its knowledge of traditional wholesale and retail channels. Previous and current investments for Silas include Bare Snacks, Bellroy, Boll & Branch, Casper, Ceremonia, Chief, HATCH, Herbivore, ILIA Beauty, MUD/WTR, Naadam, Lord Jones, Sakara Life, Something Navy, Summersalt and Vacation to name a few. Learn more at www.silascapital.com.