San Francisco luxury sex toy startup, Crave, announced on Monday the closing of its Series B funding round. The round captured $1.3 million from various angel investors along with investment platforms CircleUp and AngelList.
As previously reported, Crave raised $2.4 million from over 60 Angel investors during its Series A round back in 2013. The company went on to secure over $275,000 through its crowdfunding campaign on Tilt for Vesper vibrator necklace and achieved over $50,000 on the funding portal’s site for Flex Programmable series and the Flex Greatest Hits series.
Sharing details about the Series B round, Michael Topolovac, co-founder and CEO of Crave, stated:
“It’s been exciting to watch the sex toy market move more mainstream in the last few years. This larger market trend, combined with customer excitement around our products, has helped us sustain 50% YOY growth while becoming a highly profitable hardware company While we are funding operations out of cash flows, the new investment will allow us to invest in inventory to support our increasing growth as well as make strategic long term investments to expand our product offerings.”
Ti Chang, co-founder and VP of Design of Crave, also commented:
“We’ve been extremely fortunate over the past few years to have our products embraced not only by consumers, but by the global design community at large. With that increased visibility comes the challenge of protecting our designs, as well as continuing to make more and better products. This new investment will be highly valuable on both fronts.”
Pat Robinson, Business Development Manager at CircleUp, then added:
“At CircleUp, we help entrepreneurs with emerging businesses that are growing quickly, already seeing great velocity of sales, filling an important market demand and delighting users authentic brands and products. When our platform performed a data-driven analysis of Crave’s business across a wide range of variables, Crave surfaced as a great opportunity for our network of investors.”
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