Successful Femtech Start-Up Lands First Multi-Million Dollar Venture Financing
NEW YORK, July 23, 2019 /PRNewswire/ -- Ruby Love, Femtech, e-commerce apparel company, and pioneer in the period apparel industry, today announced the exciting deal totaling $15 Million from The Craftory, with an initial Series A funding of $8M.
Since its founding in 2015, Ruby Love increased sales from $300,000 following its first year to over $10 Million in sales in its third year, with product collections now including period underwear, period kits, period swimwear, activewear, loungewear, double sided-pads and incontinence boxer briefs with leak-proof protection, so no tampon is required. Period.
Identifying a need in the Femtech market for comfortable, easy-to-use, period apparel, founder and CEO, Crystal Etienne developed Ruby Love's revolutionary technology featured in each of the brand's products. Through rigorous testing of hundreds of prototypes, the brand created a smart, intuitive design with built-in technology that offers maximum absorption, protection against leaks and stains, peace of mind, and complete discretion, so period days can be like any other day.
Already a pioneer in the Femtech space, as the first brand to launch period swimwear, Ruby Love has proven to be a leader within the teen feminine care demographic, utilizing streamlined turnkey sales strategies, without using gimmick advertising. Now with the latest deal of $15M, Ruby Love plans to continue investing in the brand's expansion, product development and brand-related campaigns. The Craftory will acquire a stake in the Ruby Love business as a result of the funding round. Ruby Love will be The Craftory's first Femtech partner brand.
Etienne is a frontrunner in the African-American female tech industry, having built Ruby Love to a $10M company in less than three years, starting with just a $25,000 investment without any outside funding until this point. She bootstrapped the company from its humble beginnings to its recent success, Etienne will work in tandem with the rest of the Ruby Love team and The Craftory to continue to make great strides.
"I founded the brand in hopes that period issues be consigned to history, and I am excited to continue the growth of the company with the help of the team at The Craftory," said founder and CEO, Crystal Etienne. "Their support means that my vision for Ruby Love – to deliver confidence to women, whatever time of the month – can continue to be a reality."
Rooted in supporting mission-driven consumer brands, The Craftory will be the perfect Ruby Love partner. "We are thrilled to be a part of the next stage of Ruby Love's growth and look forward to working with Crystal Etienne as the business continues to grow and innovate," said Olivia Cramer, Deal Crafter at The Craftory. "A technological breakthrough in this space was long overdue and brands like Ruby Love, led by inspiring entrepreneurs like Crystal, are essential for the development of a more open, progressive society."
While $85B of venture funding was generated in the US last year, female founders represented just 2.2%, with women of color receiving less than 1% of this total. With data undisputedly showing that female founders, particularly African-American female founders, often struggle to get the financial backing they deserve, The Craftory is proud to support Crystal Etienne and Ruby Love as they continue to make great strides.
To learn more about Ruby Love and their advanced and inclusive products, visit RubyLove.com and follow @shoprubylove on Instagram, Twitter and Facebook @myrubylove.
About Ruby Love
Ruby Love is a Femtech e-commerce apparel company rooted in the belief that periods should never stop women from doing, being and going. Founded by Crystal Etienne in 2015 and formerly known as PantyProp, Etienne developed a smart, intuitive design technology featuring a discreet, built-in absorbent organic cotton liner, perfectly angled to collect your flow, offering maximum absorption and protection against leaks and stains, giving peace of mind, and complete discretion.
As an industry pioneer and disruptor, Ruby Love encourages families to openly communicate about period and puberty education. Their First Period Kit and Monthly Period Kit not only provide products, but both also include educational materials that challenge common misconceptions and equip teens and women with the tools to embrace their periods. Additionally, Ruby Love products offer an environmentally-friendly alternative to traditional feminine hygiene products as the reusable, washable apparel and double-sided pads result in less waste.
Empowering all customers, giving them the confidence to do what they love every day, Ruby Love products include period underwear, period kits (Ruby First Period Kit and Ruby Repeat Monthly Period Kit), as well as period swimwear, activewear, loungewear, double-sided pads and incontinence boxer briefs with prices ranging from $15.99 to $159.99. Sizes range from extra small to 3X.
About The Craftory
Based in London and San Francisco, The Craftory is a $300M global investment fund focused exclusively on amplifying the world's boldest consumer brands in various sectors including beauty, health, food, household and personal care. The Craftory offers permanent, early stage and growth capital to mission-driven consumer brands that positively impact the categories they serve, our society and the planet.
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