Cake’s 2021 pitch deck is a masterclass in brand-led disruption within a legacy category. By identifying the 'embarrassing' and 'confusing' nature of existing sexual wellness products, Cake positioned itself as the 'most approachable' alternative. The deck emphasizes a transition from a digitally-native brand to an omni-channel powerhouse, anchored by a national rollout in Walmart. Key strengths include a sophisticated understanding of Gen Z consumer behavior, a robust compliant marketing infrastructure across restricted platforms like TikTok and Snapchat, and a data-driven approach to sexual…
Key takeaways
- The deck identifies a $108B market opportunity with a projected $33B expansion between 2019 and 2027 (Slide 11).
- Cake highlights a major omni-channel shift, specifically a 2021 partnership with Walmart to 'reinvent the sex aisle' (Slide 12).
- The brand targets Gen Z and Millennials, noting that 34.2% of Gen Z report their sexuality as gay, queer, fluid, or open (Slide 16).
- TikTok is a primary growth engine, accounting for 25% of Month-over-Month organic growth at the time of the deck (Slide 17).
- Cake claims to have built a unique compliant marketing infrastructure, achieving nearly zero ad rejections on platforms like Hulu and Spotify (Slide 18).
- The product strategy focuses on niche categories ignored by incumbents, such as 'solo play' which represents 30.9% of the market (Slide 20).
- The company uses a 'sexual preference database' to track consumer behavior and deliver tailored content and product recommendations (Slide 19).
- The deck omits a dedicated team slide, detailed unit economics, and a specific 'ask' or use of funds section.
The Brand-First Approach to Sexual Wellness
Cake’s 2021 pitch deck is a study in how to use branding and market sentiment to disrupt a category dominated by legacy giants. In an industry where advertising is notoriously difficult and consumer experiences are often described as 'awkward' or 'embarrassing,' Cake presents a clean, bright, and unapologetic vision for the future of sexual health. The deck is less about spreadsheets and more about the cultural shift toward wellness and inclusivity.
Slides 1-7: Defining the Problem in a Stagnant Category
The deck opens with a bold, orange-saturated aesthetic and the tagline 'let’s get weird' (Slide 1). This immediately signals a departure from the clinical or overly erotic tones of competitors. Slide 3 states the core problem: 'The world doesn’t have a sexual wellness brand they love.' It divides the current market into two undesirable options: major players that ignore consumer needs and sex-toy-centric shops that feel 'awkward.'
Slides 4 through 7 provide a visual teardown of the competition. Slide 4 shows 'out-of-date' branding from Trojan and K-Y, characterized by dark, dated web design. Slide 5 attacks the ingredients of current products, listing parabens, alcohol, sulfates, dyes, and fragrances as common irritants. Slides 6 and 7 use photography to highlight the 'confusing in-store experience' of a crowded retail shelf and the 'embarrassing e-commerce experience' of adult sites like Adam & Eve, which are cluttered with explicit imagery. By framing the existing market as visually and ethically unappealing, Cake creates a vacuum that only a 'modern' brand can fill.
Slides 8-10: The Approachable Solution
Cake positions itself as 'The most approachable sexual wellness brand on earth' (Slide 8). The solution is defined by three pillars: modern branding, better ingredients, and 'confusing-free' shopping. Slide 9 showcases the product line, which uses a minimalist, color-coded design that looks more like high-end skincare than traditional lubricants.
Slide 10 is particularly effective for founders to study. It breaks down the brand voice into three categories: fun (playful names), clear (articulating use cases), and helpful (treating sex-care like skincare). They introduce products like 'so-low lotion' for solo play and 'tush cush' for backside play, explicitly stating that these names are 'friendly and PG' to encourage browsing without shame.
Slides 11-12: Market Opportunity and Omni-Channel Strategy
The deck shifts to the macro-opportunity on Slide 11, citing a $108B market with a $33B expansion projected through 2027. The growth is attributed to the 'normalization and general acceptance of sexual health being a part of one's overall wellness routine.' This is a key narrative shift—moving the product from the 'adult' category to the 'wellness' category.
Slide 12 reveals the 'how.' Cake is not just a DTC brand; it is an 'omni-channel sexual wellness brand.' The slide features a Venn diagram of Walmart, Amazon/Google, and HelloCake.com. The most significant traction point mentioned is the 2021 partnership with Walmart to 'reinvent the sex aisle.' This partnership serves as a massive de-risking event for investors, proving that a major retailer is willing to bet on Cake’s branding to drive category growth.
Slides 16-18: Winning the Gen Z Consumer
Cake leans heavily into demographic shifts. Slide 16 notes that Gen Z and Millennials are more sexually open, with 34.2% of Gen Z identifying as 'gay, queer, fluid, or open.' This data point justifies Cake’s inclusive and non-traditional brand voice.
Slide 17 focuses on TikTok, which Cake claims is responsible for 25% of their Month-over-Month growth. In 2021, TikTok was a frontier for sexual wellness brands, many of which were banned. Cake’s ability to generate organic 'Word of Mouth' (WOM) on the platform is presented as a competitive advantage. Slide 18 doubles down on this, claiming they have built a 'compliant sexual wellness infrastructure.' This includes changing Snapchat’s corporate policy and collaborating with Hulu, resulting in 'nearly zero rejections' of their ads. For a startup in a 'vice' category, proof of being able to spend ad dollars effectively is often more important than the product itself.
Slides 19-22: Data, Product Specialization, and Vertical Expansion
Slide 19 introduces the 'sexual preference database.' Cake tracks every interaction—quizzes, orders, and content consumption—to map a consumer’s 'sexual wellness routine.' This data-driven approach allows for personalized email marketing and product recommendations, something they claim legacy players haven't done for 50+ years.
Slide 20 highlights product-specific gaps in the market. They note that 'solo play' accounts for 30.9% of the market but is ignored by incumbents. By launching 'So-Low Lotion' and objects for 'men’s object play' in Walmart, Cake is targeting high-volume, low-competition niches. Slide 22 shows the roadmap for 'owning the sexual wellness vertical,' expanding from lubricants into protection (condoms), enhancers, hygiene, and objects (vibrators).
Slides 23-25: Social Proof and Sentiment
The deck concludes with qualitative validation. Slide 23 features detailed five-star reviews that emphasize the 'clean' nature of the products (e.g., 'no stinging, itching or other reactions'). Slide 24 provides a single, powerful metric: 83.6% of customers believe Cake helps them have a better sex life. Finally, Slide 25 displays a 'press wall' featuring logos from Fortune, Men's Health, and Shape, including a quote from Daily Dot: 'if you weren’t already familiar with the brand Cake, I actually feel bad for you.'
What Works in This Deck
Visual Storytelling: The use of 'before and after' imagery (Slides 4-7 vs. Slide 9) makes the value proposition immediately obvious without needing to read a single word. · Regulatory Moat: By highlighting their 'compliant marketing infrastructure' and policy changes at Snapchat, Cake demonstrates a 'moat' that isn't just about the product, but about the ability to reach the customer. · Strategic Retail Alignment: The Walmart partnership is the 'anchor' of the deck. It moves the company from a 'cool DTC startup' to a 'scalable retail brand.' · Niche Identification: Focusing on 'solo play' and 'men's object play' shows a sophisticated understanding of market gaps that larger, more conservative companies are afraid to touch.
What Is Missing
Team Slide: This version of the deck completely omits the founders and their backgrounds. In a Seed/Series A round, the 'why us' is usually as important as the 'why now.' · Unit Economics: There is no mention of Customer Acquisition Cost (CAC), Lifetime Value (LTV), or gross margins. While they mention ROAS is increasing, they provide no hard numbers. · Financial Projections: The deck lacks a forward-looking revenue chart. While the market size is clear, the company's specific path to $100M+ in revenue is left to the imagination. · The Ask: There is no slide detailing how much money is being raised or how those funds will be allocated (e.g., inventory for Walmart, R&D for the 'protection' line).
What a Founder Should Copy
The 'Problem' Slides: Use actual screenshots of your competitors' bad UX or dated branding. It makes the 'Solution' feel like a relief. · The Ingredient/Feature Comparison: Slide 5’s simple icon-based list of 'free from' is a standard in beauty/wellness that works exceptionally well for any CPG brand. · The Data Loop: Slide 19’s diagram of how data flows from a quiz back into a tailored recommendation is a great way to show that your 'brand' is actually a 'tech-enabled platform.' · The Press Quote: Instead of just a wall of logos, include one 'punchy' quote that captures the brand's cultural relevance, as seen on Slide 25.
Frequently asked questions
- What is Cake's primary value proposition?
- Cake positions itself as the 'most approachable sexual wellness brand on earth.' It differentiates from legacy players like Trojan or K-Y by offering modern branding, clean ingredients (free from parabens, sulfates, and dyes), and clear, non-embarrassing product names like 'So-Low Lotion' and 'Tush Cush' (Slides 8-10).
- How does Cake handle advertising in a restricted industry?
- The deck emphasizes a 'fully scalable and compliant marketing infrastructure.' They claim to have collaborated with Hulu on national rollouts and successfully lobbied Snapchat to change its corporate policy regarding sexual wellness ads, resulting in nearly zero rejections in the 90 days prior to the deck (Slide 18).
- What role does retail play in Cake's growth strategy?
- While starting as a digitally-native brand in 2020, Cake's 2021 strategy centered on becoming an omni-channel leader. A core pillar of the deck is their partnership with Walmart to bring their products to physical shelves, moving the category out of 'awkward sex shops' (Slides 12, 20).
- Who is the target audience for Cake?
- Cake specifically targets Gen Z and Millennials, citing their increased sexual openness. They also focus on 'solo play' and 'object play' for men, identifying these as underserved segments where incumbents have a 'one-size-fits-all' approach (Slides 16, 20).
- What metrics does the deck use to prove product-market fit?
- The deck relies on qualitative and survey data rather than hard revenue figures. It highlights that 83.6% of customers believe Cake helps them have a better sex life and showcases five-star reviews emphasizing ingredient quality and product effectiveness (Slides 23, 24).
