Sexual wellness brand Cake is expanding its product placement at some major retailers this week, including new spaces in CVS stores, as it announces $8 million in new Series A funding.
Cake in april, when its line of lubricants, condoms, toys, and sexual hygiene products debuted at Target and received $2.5 million in bridge financing.
The company now has five products in stores as well as Amazon, Thrive Marketplace and UrbanOutfitters.com.
The company grew 200% in 2021–2022. Four of the products are now at CVS, including Tush Cush, So-Low Lotion, Buzzy Butt and Stroker. The company announced that Cake will double its product item numbers at Walmart, going from four SKUs to 11.
The sexual wellness market, which was recently valued at more than $10 billion, is expected to grow at a CAGR of 7.6% between 2022 and 2030, according to a GVR report.
On a mission to help the world have more fun, Cake is uniquely positioned to capture a large share of the market by creating quality sexual wellness products at affordable prices with 100% satisfaction guaranteed.
Our current catalog of sexual health products includes specialty lubricants, formulations, condoms, devices and more.
“When we launched Cake just over 2 years ago, the plan was to make it simple-the world’s most accessible sex brand that would reinvent the sex movement forever,” said Mitch Orkis, Cake founder and CMO. It’s great to see the investors we met on day one continue to double down on Cake again and again.”
Silas Capital led Cake’s new investment, which brings the company’s total to date to more than $16 million. Silas was joined by his current investors, including Lerer Hippeau, Selva Ventures, Bullish and Finn Capital Partners.
Cake founder and CEO Hunter Morris told that the new funding will be used to expand the company’s retail presence and innovate on products. The company also hired former Dollar Shave Club innovation director Fadi Mourad to lead product innovation and former SmartyPants CEO Christina Komen to lead retail.
“We have a recurring theme that sex is at your fingertips,” Morris said. “Retail has been kind to us and expansion has been faster than expected. As we learn more about Cake’s target audience, we figure out where they shop and go to those places. We can’t go into details at this time, but we have an exciting new retailer that will carry Cake in 2022 and 2023.