Home > News > Crave Raises $1.3 Million in Venture Capital • Bookmark   • Newsletters   • Register Search Options

NEWS STORY

Crave Raises $1.3 Million in Venture Capital

Crave Raises $1.3 Million in Venture Capital
Get XBIZ News
XBIZ Research
Will virtual reality boost the paysite market?
Yes, it will soon
  39.66%
Yes, but in a few years
  36.87%
No
  23.46%
Out of 179 votes. Results based on votes submitted by members of XBIZ.net social network.
Jun 27, 2016 2:36 PM PDT    Text size: 

SAN FRANCISCO — Luxury sex toy startup Crave reports that it has raised $1.3 million in its latest funding round.

According to CrowdfundInsider.com, the funding came from various angel investors and investment platforms CircleUp and AngelList.

In 2013, the company raised $2.4 million from more than 60 angel investors. The company also secured more than $275,000 through its crowdfunding campaign on Tilt for the Vesper vibrator, and surpassed $50,000 in crowdfunding for the Flex Programmable series and the Flex Greatest Hits series.

Michael Topolovac, co-founder and CEO of Crave, said, “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 percent 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.”

Crave co-founder and vice president of design Ti Chang said, “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, said, “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.”

More ways to get XBIZ News:  RSS Feeds  |  E-Newsletters  |  Desktop Widget  |  Mobile
Looking for porn star news and behind-the-scene videos? Check out XFANZ.com !

PROFILES & BIOS

Gian Carlo Tastes Sweet Success of BitterStrawberry

Time flies when you are having fun. And BitterStrawberry’s managing partner, Gian Carlo, is having fun. Not motivated by dollars and cents, Gian Carlo says his “happy place” and “true... More »

Cam World: Jim Austin Puts Stripchat / xHamsterLive on the Cutting Edge

Meet Jim Austin, head of business development for Stripchat and xHamsterLive. Austin helps run the two free online communities where amateur models — women, men, couples and transgender folk —... More »

Crave’s Jack Morocco Brings Fresh Perspective to Channel Manager Role

Jack Morocco must be in the right career. They’ve been hit on by Nina Hartley and already had to fend off Ron Jeremy, all in their short one-and-a-half years with San Francisco boutique outfit Crave.... More »
XBIZ NEWSLETTERS
Stay informed of the latest industry developments. Get XBIZ newsletters delivered to your inbox. Subscribe today!
Enter email address:

* To manage existing subscriptions click here.






POPULAR PRODUCTS & SERVICES
Submit your press release to
multiple news outlets with 1 click.
Subscribe to RSS news feeds or
add free content to your website.
Access XBIZ news and articles
with your mobile device.
Subscribe to XBIZ Premiere magazine, the industry's leading adult retail trade publications, delivering the most timely and comprehensive business news and information to producers and retailers of adult products.

UPCOMING EVENTS

EXXXOTICA Denver

Mar 31 - Apr 02
Denver, CO.

Eurowebtainment 2017

May 17 - May 20
Majorca, Spain

XBIZ Retreat

May 30 - Jun 03
Miami, Florida

XBIZ Miami 2017

May 30 - Jun 02
Miami, Florida
Everyday thousands of business professionals browse XBIZ's industry directory for quality products and services. Not listed yet? Your company could be losing potential new business. Submit your company today!
Use XBIZ RSS feeds to stay informed of the latest industry developments or as a content syndication tool for your website!