Crave Raises $2.4M in Venture Capital
SAN FRANCISCO — Crave, a designer and maker of modern vibrators for women, says it just closed on a round of funding from 60 angel investors that brought in $2.4 million.
CEO Michael Topolovac said the company will use the growth funding round to beef up its inventory, expand its product line and find new distribution channels.
Topolovac, also Crave's co-founder, chose investors from AngelList to help grow the company after its initial seed-funding round.
Crave now employs eight and sources the materials, and designs, assembles and tests the products at its San Francisco office.
Its first product, the Duet, was launched with $100,000 raised from about 900 donors through CKIE, a crowdfunding site run by Yanko Design, an online magazine about industrial design. The Duet features a silicone vibrating tip, 24-karat gold plating on some models and a USB charger and memory drive with up to 16 GB in storage.
“Foreplay Jewelry,” its second product, includes stainless steel pendants that double as vibrators. It also includes a leather cuff that can be turned into handcuffs.
Crave sells at online and brick-and-mortar shops, including Good Vibrations, Babeland and Fab.com, among others.