Cora will use the new funding to support brick-and-mortar expansion at all Target locations, including broader in-store product offerings. In addition to its direct-to-consumer online subscription offering, which has seen explosive growth in the past three years, Cora has intentionally built a strong offline presence as well in order to meet consumers exactly where they shop. Cora will also use the funds to fuel product innovation as it continues to disrupt the feminine care space with pure and proprietary products that eliminate harmful ingredients without sacrificing product efficacy.
With the addition of two new members to its board of directors, Cora's board brings an unprecedented level of expertise in CPG and disruptive retail that will help Cora continue to evolve beyond its initial subscription-based model as its omni-channel presence grows in the category. In addition to Cora's co-founders, Molly Hayward and Morgen Newman, board members include:
- Megan Bent, founder and managing partner of Harbinger Ventures (and original Cora board member), with a track record of identifying and scaling high-growth, early-stage consumer start ups
- Lisa Bougie, former GM of Stitch Fix, with extensive experience leading high-growth businesses like Nike, Patagonia and Gap
- Andrea Freedman, former CFO of Method and Kendo Brands, and advisor to digitally-native consumer and beauty brands
"Cora's track-record in social impact and breakthrough innovation uniquely separates itself in a massive but tired category," says Bent. "We've been impressed with Cora's focus on efficiency and thoughtful fundraising, which puts them in a strong position for long-term, sustainable growth."
Launching its customizable online period care subscription in February 2016, Cora is the first and only company to offer a woman both innovative products and accessories like a chic storage container and travel case to manage her period through her busy days. Combining their innovative and holistic period care solution with a comprehensive social impact model, Cora has provided five million pads to girls in need in India and Kenya, and 100,000 products to women in need in the U.S. to ensure they can experience their periods with the health and dignity they deserve.
"Since Cora was founded, the brand has grown 400% year-over-year," says Hayward. "With the expansion of our board and solid, smart funding in place, we're in a strong position to further our mission to revolutionize the female experience for women here in the U.S. and across the world."
In addition to Harbinger Ventures, existing Cora investors as well as Cambridge SPG, participated in this round of fundraising.