Case study

How Lemonade Dolls 4x their subscriptions

E-commerce | United Kingdom

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Lemonade Dolls 1

About Lemonade Dolls

Lemonade Dolls is the UK's first underwear subscription business that represents a new generation of young women and is all about female empowerment. Lemon and her team design, manufacture and sell a new brand of underwear, because lingerie isn't just about pleasing men anymore. These women want hassle-free, positive, comfy underwear to help them take over the world.

Fashion & Apparel

Funds for
Marketing & Technology

Business Model

“Great way to get the funding you need without parting with any more equity!”

Lemon Fuller, Founder of Lemonade Dolls


In order to scale up and grow, they needed funding to develop the technology for their subscription programme by increasing their marketing reach without giving up valuable equity in their business.

Lemonade Dolls faced the common startup dilemma of needing substantial capital to fuel growth while wanting to retain control and equity. Traditional funding routes like venture capital often require giving up significant ownership, which wasn't aligned with Lemon's vision for the brand. Instead, Lemonade Dolls sought a financing solution that provided the necessary funds without diluting their ownership.


Outfund loved this founder's passion for success and social change. In the space of 24 hours, we provided them with funding to allow them to increase their marketing budget to extend their reach and grow their audience.

Outfund's revenue-based financing model was a perfect fit for Lemonade Dolls. This model allowed Lemonade Dolls to access funds quickly and flexibly, repaying the investment as a percentage of their monthly revenue. This approach ensured that repayments were manageable and scaled with their income, providing financial stability and growth potential.

Getting funded

With the funds secured, Lemonade Dolls ramped up their marketing efforts. They invested in digital marketing campaigns across social media platforms, leveraging their already strong Instagram presence. They also improved their subscription technology, making the sign-up process seamless and enhancing customer experience.

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Not only is Lemonade Dolls a thriving business thanks to the investment from Outfund, they've also increased their number of subscriptions by 4X! Victoria Secret, eat your heart out!

The funding allowed Lemonade Dolls to scale their operations without compromising their core values or ownership. Their focus on female empowerment and comfortable, stylish underwear resonated with a broad audience, driving significant growth.

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