SAN FRANCISCO (
Private Equity Week)-
According to a recent regulatory document, JimmyJane, a startup that produces vibrating toys, has raised $2 million from investors.
Name of San Francisco-
Recent investors of the company at headquarters are not included in the documents submitted to the Securities and Exchange Commission (SEC)
But it was mentioned before.
Stage funds for some outstanding Silicon Valley technology investors.
Jim myjane's supporters include technology hedge fund Palo Alto Investors and well-received-
According to the document, Tim Draper, a well-known venture capitalist.
Investors helped the company raise $8.
3 million so far, because it has moved its products from creative to commercial.
"I can't even tell you what a big challenge it is to let people know what we are doing when I have only a few sketches (
In our startup phase)
The founder of JimmyJane, Ethan Imboden, said earlier that he had raised funds in 2007.
"But we have now reached the scale of what investors really understand and the level of dialogue with consumers.
Before creating JimmyJane, Imboden studied electrical engineering and genetics, which he said attracted interest in design.
Imboden said he has developed several key engineering components for the vibrator to produce his company's highend versions.
JimmyJane's first model called "Little Things" has applied for a utility patent.
Imboden said that its latest model, form 6, has applied for six patents, mainly about its waterproof and rechargeable capabilities.
From a market perspective, Imboden's interest in the development of sexual toys is understandable;
About 46% of the population in the United StatesS.
According to 2004 studies conducted by condom maker Durex, residents admitted to using sex toys.
But few have highBrand name.
Popular models of vibrators such as rabbit vibrators featuring "Sex and City" are made by a variety of manufacturers.
"There is a huge brand vacuum and there is no place where brands are more relevant than here," Imboden said when launching the company for the first time . ".
"This is more than one
Billion Dollar Market
"One of the early adopters of JimmyJane's technology was actress Terry Harcher, who wrote a gushing letter to the company's spokeswoman.
"You have made great progress.
Think about products.
"I will love it any time you want to send anything," she wrote . ".
JimmyJane then took the note as part of its marketing presentation to investors.
This seems to impress several people in Silicon Valley.
Draper, for example-
President Draper Fisher (sj )-
It is key to investing in young companies such as Hotmail and Skype Technologies that have already achieved viral success.
A source familiar with the company said that the limited liability company controlled by Draper invested in JimmyJane and did not involve any DFJ funds.
Draper is not the only venture capitalist associated with JimmyJane.
Phil Schlein, partner of the United StatesS.
Venture Partner, listed as one of the directors of the company.
Schlein has served as president and CEO of Macy's California company for more than ten years, and has been focusing on the retail industry during his tenure at USVP.
Sheeain invested his personal money in Jimmy Jane, but did not pay the company's money.
Palo Alto Investors, $1.
5 billion technology-
Focused hedge funds have also invested.
The fund described its strategy as "focusing on the neglected, misunderstood and undervalued parts of the stock market that have significant positive return potential.
"It invested in JimmyJane from its Micro Cap fund.
Still, investors are a bit silent about discussing their involvement with the company.
"We have a little bit of an attitude in Silicon Valley, and it's hard to shake it," Schlein said . ".
Since the launch of the institutional financing round, the company has launched a number of new products.
Its original toy price was $175, including a diamond worth $3,250 --
Platinum vibrator.