Lola, US-based feminine care provider backed by mass media company Oath’s venture capital fund BBG Ventures, has closed a $24m series B round led by private equity firm Alliance Consumer Growth, TechCrunch reported yesterday.
Spark Capital, Lerer Hippeau and Brand Foundry Ventures participated in the round.
Founded in 2014, Lola operates a subscription service for tampons, thin pads and liners made entirely from organic cotton and without fragrances or dyes. It also sells an essential oil blend to relieve cramps, a multi-vitamin that counteracts PMS and a first period starter kit.
The company also added condoms, lubricant and all-natural feminine cleansing wipes to its offering last month, launching a product line dubbed Sex by Lola.
Subscribers can select a mix of tampon sizes for their box and choose whether they prefer ones with an applicator and if they do, whether they want it made out of cardboard or plastic.
The series B round will go towards product development and growing the customer base through events, partnerships and offline activities. Lola will also expand its team from a current 19 staff.
The company previously raised $11.2m in funding. BBG Ventures contributed to a $7m series A round in December 2016 led by Spark Capital, with contributions from Lerer Hippeau Ventures, Brand Foundry Ventures and BoxGroup as well as actress Lena Dunham.
Lerer Hippeau led Lola’s $3m seed round in February 2016, with participation from BBG Ventures, Brand Foundry, BoxGroup, VaynerRSE, 14W and assorted angel investors. Lola has earlier secured $1.2m in angel funding in 2015.