British government invests 170,000 pounds ($ 221,780) in company that organizes sex parties.
Company «Killing kittens», which hosts women-led adult parties in London and New York, said it received funds from the UK government’s Future Fund, which aims to help startups weather the coronavirus pandemic.
«I never imagined Boris as a sleeping partner.», – said the CEO of the company Emma Sayle, referring to the prime minister of Great Britain Boris Johnson. «Killing Kittens goes digital and we are now pioneers of the fastest growing adult social network in the world», – she added.
Sale founded Killing Kittens in 2005, organizing member-only masquerade parties in exclusive locations with a focus on «pursuit of female pleasure», according to the information on the website. The club currently has 180,000 members in 12 countries and recorded a 330% increase in traffic to its website during quarantine due to coronavirus..
The pandemic has forced the company to move all of its events and workshops online, which has accelerated the startup’s plans to enter the sex technology industry – a fast-growing sector encompassing products and businesses focused on improving the sexual experience.
Most of the UK government’s funds will be spent on marketing and developing innovative products, including a dating app. Emma says Killing Kittens wants to compete with other dating apps like Match.com and Bumble, which are also in high demand during the coronavirus pandemic, and plans to launch a digital advertising platform for lingerie and sex toy companies..
«Sex tech is one of the few industries to come out of 2020 in a much better position», – said Bryony Cole, founder of Sextech School, which trains entrepreneurs and investors in market specifics. «Specifically dating apps, sex toys, and the demand for porn during the pandemic. We search the internet to find more intimacy or ways to entertain ourselves.», – she told CNN Business.
Organizers of CES, one of the world’s largest technology tradeshows, estimate that about a dozen sex technology companies showcased their innovations at this year’s Las Vegas event in January..
One of these companies was Dame, which personifies itself with sexual health, and which recently said its sales more than doubled in the first half year over year. The company made headlines last year when it sued the New York City transportation system after it turned down a Dame ad..
«Killing kittens», which says it is valued at £ 11.5m ($ 14.9m) based on previous rounds of funding, recently raised £ 170,000 ($ 221,780) through its Seedrs crowdfunding platform. These proceeds have been cleared with the State Future Fund, which provides loans ranging from £ 125,000 ($ 162,000) to £ 5 million ($ 6.5 million) to companies, provided that the amount allocated matches the amount of funding from other private investors..
More than 800 businesses have accessed the government’s wealth fund since its inception in May, and the loans approved amounted to almost £ 513 million ($ 664.9 million), according to the UK Treasury. According to the government agency’s website, the vegan restaurant Stem & Glory is also one of the recipients.