Sexual wellness brand Cake is on a mission to reinvent the sex aisle and has just picked up and another round of funding to continue executing towards this goal. With 200% year-over-year growth in 2022 the company is looking to capitalize on this momentum with $8M in Series A funding, which will go towards continued expansion and product innovation. The round was led by consumer growth fund Silas Capital with participation from existing investors Lerer Hippeau, Bullish, Selva Ventures, and Finn Capital Partners. Cake has raises a total of $16M+ to date.
Cake was only founded 2 years ago by Hunter Morris and Mitch Orkis, but has already been able to ink partnerships with some of the biggest retailers in the U.S. including Walmart, Target, Urban Outfitters, and – as of this week – CVS. Its product line-up includes high quality specialty lubricants, toys, and sexual health & hygiene products all at an affordable price point. Cake’s products are inspired by real individuals and couples and tested across the spectrum of sexual preferences before launch.
Cake Co-founder & CMO Mitch Orkis explains: “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.”
Brian Thorne, Partner at Silas Capital, adds: “Cake is clearly building a modern sexual wellness brand by appealing to couples that want to have a bit more fun in their lives. 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.”
The U.S. sexual wellness market was recently valued over $10 billion and is expected to expand at a compound annual growth rate of 7.6% from 2022 to 2030, according to a GVR report.