Retail investment firm True has joined a number of other investors in funding the early-stage modern intimacy brand maude, which is looking to “destigmatise the sexual health category.”
Today marks the close of a $2.2m investment round, bringing maude’s total funding to $4.2m since launch in 2018.
The raise follows a successful year for maude, which experienced 50% growth quarter on quarter in 2020.
The funding round will be used to grow maude’s team as well as expand its product line and content platform, focusing on new customer acquisition and supporting increased demand across domestic and international audiences.
It will also support the launch of maude in larger key retailers in 2021.
Maude will now have access to True’s proprietary innovation lab to work with cutting edge technologies to assist in scaling its business.
The brand will also benefit from exposure to some of True’s corporate partners such as John Lewis & Partners, 7-Eleven and Johnson & Johnson.
True’s network will also be “critical to maude’s next phase of growth and pivotal in increasing brand awareness and partnering with additional global retail partners,” maude said.
Founded by Éva Goicochea in 2018, maude has expanded from just four sex essentials, into a wide range of bath and body products, taking intimacy outside of the bedroom as it seeks to “foster a new chapter” in the sexual health industry.
True investment principal Claire Cherry said: “At True we look to back genuine digitally native category disruptors, where founders are bringing an entirely fresh perspective to an often-stale industry.
“We certainly see this in Eva and the team she is building at maude, where the vision of inclusive intimacy and its relationship with health and wellbeing are unparalleled in existing brands. We look forward to bringing this fit-for-the-future brand to the European market.”
Maude founder Éva Goicochea added “True is next to none in understanding the European consumer and retail ecosystem.
“As we continue to expand our international presence and venture into new retail channels, we look forward to working alongside Claire and the True team, leveraging their experience and insight to bring our products to new markets.”