Ruby Love, Femtech, e-commerce period industry apparel company, has announced the deal totaling $15 million from The Craftory, with an initial Series A funding of $8 million.
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.
“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.”
Etienne is a frontrunner in the African-American female tech industry, and will work in tandem with the rest of the Ruby Love team and The Craftory. Ruby Love will be The Craftory’s first Femtech partner brand.
“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 $85 billion of venture funding was generated in the U.S. 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 Etienne and Ruby Love as the company continues to make great strides.
Identifying a need in the Femtech market for comfortable, easy-to-use, period apparel, 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 $15 million, 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.
