To summarize the day: bad news – Ford Motor’s abysmal U.S. vehicle sales, good, and far more printable news – the vibrant sex toy market. JimmyJane, the online and now retail provider of premium sex toys, just raised $1.1mm of a targeted $2.5mm Series C round of financing headed by a Tim Draper controlled LLC. Despite 300% revenue growth in 2006 and 900% revenue growth expected in 2007, JimmyJane has had more trouble getting off…the ground than many investors have expected.
Draper’s money apparently has no official connection with his VC firm DFJ, nor does the money of the several other DFJ partners who invested in the deal (wait…what?). DFJ is mum about the deal, and DFJ employees are locked in their offices which are strangely quiet for market hours aside from a mysterious buzzing sound. Phil Schlein, a partner at U.S. Venture Partners, figures the DFJ “silence” is not as golden as one of JimmyJane’s $375 vibrating meat handles:
Phil Schlein says more than one DFJ partner invested in JimmyJane, but he declined to say who else was involved. When asked why he thought the DFJ partners had not returned press inquiries, he said: “We have a little bit of a puritanical attitude in Silicon Valley that can be hard to shake.”
If he thinks Silicon Valley is puritanical, I wonder what he thinks of Wall Street. Unfortunately for JimmyJane, www.divine-interventions.com has the puritanical market covered.
Draper Backs Adult Toy Co. – [PE Hub]