A government loan provided to Killing Kittens to help it weather the pandemic has been converted into a shareholding in the company, British Business Bank confirmed on Tuesday.
Killing Kittens, which organizes women-led adult parties in cities like London and New York. provided investments
in 2020 from the UK Government’s Future Fund, which was designed to help startups weather the coronavirus pandemic.
The company was founded by Emma Sayle in 2005 and hosts members-only parties at exclusive venues that, according to her, challenge “gender stereotypes.” Web site
. It has recorded a 330% increase in traffic on its website during the coronavirus lockdown and now calls itself “the fastest growing adult social network”.
At one point, the pandemic forced the company to move all of its events and workshops online, accelerating existing plans to enter the sex tech industry, a fast-growing sector that includes products and businesses focused on improving the sexual experience.
Killing Kittens now has a mobile app that allows users to date each other “for casual dates, friendships, perverse partners, or long-term relationships,” according to a description on its website. Web site
The State Future Fund had previously given the company a £170,000 ($221,780) loan. The program that funded by tax revenue
typically provides companies with debt financing ranging from £125,000 ($153,000) to £5 million ($6.1 million) provided they at least qualify for funding from private investors.
Through this fund, the government has acquired stakes in many other companies. As of March of this year 337 convertible credits
it was lent to firms across the country and turned into equity after these players raised additional funds.
Asked about the investment in Killing Kittens on Tuesday, a British Business Bank spokesman said “bids that meet all eligibility criteria have been invested.”
“Future Fund used a set of standard conditions with published eligibility criteria,” the spokesperson added in a statement. “The process provided a clear and efficient way to make funding as wide and fast as possible without the need for lengthy negotiations.”
Killing Kittens did not immediately respond to a request for comment.
After initial investment in 2020, Sayle joked
that she never “imagined Boris as a sleeping partner”, referring to British Prime Minister Boris Johnson.
— Eoin McSweeney of CNN and Hannah Ziadi contributed to this report.