Shenzhen Capital, New Margin fund Chinese sex toy retailer – report
Shenzhen Capital and New Margin Ventures have reportedly provided RMB300 million ($47.4 million) in Series A funding to Adam & Eve, a Chinese sex toys retailer. The company claims to be the first in its segment to receive approval from the State Food and Drug Administration.
Founded in 1994, Wenzhou-based Adam & Eve sells products such as erotic toys, sex dolls and revealing underwear. It operates an e-commerce site called Ailu. The Series A round was reported by Chinese media outlet Ebrun.
In 2000, Adam & Eve entered into a partnership with a Japanese company, creating a joint venture with RMB80 million in capital and two production facilities. The joint venture exports sex toys to nearly 30 countries in Europe and North America.
In addition, Adam & Eve claims to hold a 70% share of the domestic sex toys market. Its rivals include Gdian, whose name translates to G spot.
Wu Hui, the company's chairman, told The South China Morning Post in 2006 that Chinese are much more adventurous than Europeans and Americans when it comes to sex toys. "It's strange. Among the countries we export to - developed countries in Europe and the Americas - they like simplicity. In China, they want more functions," he said.
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